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Morgan Stanley (MS) shares slipped more than 5% Thursday after The Wall Street Journal reported that multiple regulators are probing the investment bank's wealth management arm about its client vetting processes.
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks.
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too.
Gerard Cassidy, RBC Capital Markets managing director, joins 'Fast Money' to weigh in on the WSJ report that Morgan Stanley is facing a probe by federal regulators.
According to the journal, the SEC, the oak and divisions of the treasury department are all taking a look at Morgan Stanley's wealth manager and the vetting of certain clients. So this goes to the idea that the SEC has sent letters, according to the Journal, that has listed certain clients and asking about the background of those clients with potential ties to very sensitive businesses.
Morgan Stanley's stock fell 6% on Thursday afternoon after the Wall Street Journal reported its wealth management unit is under investigation by federal regulators over how it vets clients who may be at risk of laundering money.
Morgan Stanley stock fell Thursday on reports the bank faces multiple federal probes over its client vetting practices.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are reportedly involved.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are digging into whether Morgan Stanley has done enough to investigate the identities of risky clients, the Wall Street Journal wrote, citing unidentified people familiar with the matter. Elliott Stein has more.
Investment bank Morgan Stanley's wealth management arm is being probed by multiple regulators, the Wall Street Journal reported on Thursday citing people familiar with the matter.