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Internal company documents describe the bank’s weak anti-money-laundering controls and failure to complete due-diligence reviews as staff expressed alarm: ‘We need to kill this’.
Morgan Stanley said it has made progress on improving its anti-money-laundering and other processes. “Over the past several years, one of our top priorities at Morgan Stanley has been to make significant investments in people, processes and technology [related to anti-money laundering, vetting and due diligence] to keep pace with the growth of our industry-leading business,” Morgan Stanley said in a statement. “We are now realizing material results from these efforts. Indeed, the prioritization and scale of our investments in our onboarding processes is rapidly transforming these functions into an organizational strength.”
