By Kyle Brasseur2023-11-09T16:41:00
The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.
The Fed is scrutinizing how Morgan Stanley vets foreign customers during onboarding, the report said. The agency has previously found the bank’s due diligence and anti-money laundering (AML) controls to be lacking, according to the report, and has privately reprimanded the bank for not making required changes.
The Fed flagged issues with the bank’s controls for vetting wealthy foreign customers as far back as 2020, according to the report, and gave it a list of issues to address that had not been completed in either 2021 or 2022.
2024-03-01T17:18:00Z By Jeff Dale
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
2024-01-12T15:04:00Z By Kyle Brasseur
Morgan Stanley agreed to pay approximately $249 million as part of settlements with the Securities and Exchange Commission and Department of Justice to resolve an admitted fraud scheme involving block trades perpetrated, in part, by a former senior employee at the firm.
2023-12-08T15:42:00Z By Kyle Brasseur
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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