Morgan Stanley Faces Multiple Probes Over Wealth Management Compliance Issues

Morgan Stanley stock dropped over probes into its wealth management unit's client vetting and potential money laundering risks
Multiple federal regulators including the SEC, OCC, and Treasury Dept are investigating
Issues involve vetting international clients properly, monitoring suspicious activity, and enforcing sanctions
Morgan Stanley received requests from regulators questioning specific client relationships
The bank has invested in compliance and technology to address the risks, but the Fed is still considering action