Three more US regulators have opened investigations into how Morgan Stanley’s wealth management division handles potentially risky clients, according to a person familiar with the matter.
The business, which has been central to the bank’s growth in recent years, was already in the sights of the Federal Reserve over money laundering controls. Now the Securities and Exchange Commission, the Office of the Comptroller of the Currency and the Treasury are also involved, the person said.
Regulators are looking into the level of thoroughness of the investigations Morgan Stanley conducted around the source of clients’ wealth and their financial activity.
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