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.
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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.
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BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3M to settle separate compliance violations with the CFTC.
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Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
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The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
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