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CFTC Fines Morgan Stanley $280K for KYC Oversight

September 16, 2014 by Ryan Boysen

U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney… Read More >>

Filed Under: Derivatives Operations, General Interest, KYC, Derivatives, Regulatory Compliance, Industry News Tagged With: Benjamin Wilson, Ferrari California, Financial Conduct Authority, fraud, Hedge fund, Know Your Customer, KYC, Morgan Stanley, Ponzi scheme, SureInvestment

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