03:19 PM EDT, 04/11/2024 (MT Newswires) -- (Updates with details throughout.)

The US Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are investigating Morgan Stanley ( MS ) over how it vets clients who are at risk of laundering money through the bank's wealth-management division, The Wall Street Journal reported Thursday, citing people familiar with the matter.

The investigations are on top of the one initiated by the Federal Reserve in November and focus on the bank's due diligence practices involving clients, particularly those from abroad, according to the Journal.

According to the report, multiple regulators have sent the bank a list of current and former clients with questions on how they were vetted.

A Morgan Stanley ( MS ) spokesperson declined comment to MT Newswires.

The SEC, Office of the Comptroller of the Currency, and Treasury Department did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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