Morgan Stanley’s wealth management arm draws Fed scrutiny
The Federal Reserve is scrutinizing whether Morgan Stanley’s wealth management business is taking adequate measures to prevent potential money laundering by wealthy clients from outside the US.
By Sridhar Natarajan and Katanga Johnson / Bloomberg
The New York-based bank’s top regulator is pressing the firm to improve controls and processes, according to a person with knowledge of the matter. Fed officials privately reprimanded the firm earlier for not making all of the changes it sought, the person said, asking not to be identified discussing the confidential talks.
Already a subscriber?Log in here
Read the whole article
Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
With your free trial you get:
Get full access for you and your coworkers
Start a free company trial todayRelated articles
Danske Bank aims to reclaim asset management market share
For subscribers
