By Ben Glickman
Shares of $Morgan Stanley (MS.US)$ sank Thursday after a Wall Street Journal report of probes from multiple federal regulators.
The stock was down 4.4% to $87.63 in afternoon trading. Shares are down about 6% since the start of the year.
WSJ reported Thursday afternoon that the probes relate to how the bank vets clients who may be laundering money through the bank's wealth-management division.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are involved, WSJ reported, citing people familiar with the matter.
Regulators are looking at whether Morgan Stanley does enough to investigate potential clients and their wealth. The probes are also focused on how the bank monitors its clients financial activity.
Write to Ben Glickman at ben.glickman@wsj.com