Fed Probes Morgan Stanley’s Work With Foreign Clients: Report

Morgan Stanley is facing scrutiny about how it vets wealthy foreigners before it takes them on as clients of its wealth management business, according to a report in The Wall Street Journal.

The Federal Reserve has been investigating Morgan Stanley’s (ticker: MS) anti-money-laundering procedures following a series of reviews of the Wall Street giant’s policies that unearthed a number of deficiencies, according to the report.

Morgan…