Morgan Stanley Fined Heavily for Faulty AML ProceduresMorgan Stanley Fined Heavily for Faulty AML Procedures
By Mary Kihoro - December 27, 2018

Morgan Stanley has just been slapped with a $10 million fine by Financial Industry Regulatory Authority (FinRA) for failure to detect money laundering in the firm. According to the charges, the bank has failed to adequately detect and monitor suspicious financial activities on their platform for over five years. The crypto community is surprised by the revelations considering the fact that banks are always on the front line to accuse crypto platforms of facilitating money laundering activities.