UPDATE: Bluray clips are now available. There still is not very much discernible below the waist in Margot Robbie's full frontal scene. Krista Ashworth is also topless playing a hooker in an office orgy scene. The Wolf of Wall Street comes out on DVD/Bluray on March 25.
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UPDATE: There are somewhat better clips now available. As mentioned before, Robbie's full frontal is very brief as she is standing in the doorway. It still is not very clear, but I am certain that there is no merkin involved.
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UPDATE: There is a very low-quality clip of Margot Robbie's full-frontal scene. The below-the waist nudity is very brief and with the quality, not much can be seen.
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UPDATE: Here is a review (not mine) from someone who saw the film that states both Margot Robbie and Katarina Cas go full frontal.
I saw The Wolf of Wall Street yesterday for Christmas. Talk about a great Christmas treat nudity wise. The movie is packed with full frontal nudity mostly from extras playing hookers in orgy scenes. Margot Robbie has 2 nude scenes and a underwear scene in a thong. The first is definitely the best. Leo goes up to her apartment for some tea. He starts the fireplace while she changes into something more comfortable in the next room. Next thing you know she opens the door standing there fully nude for a few seconds shocking him and the audience. The scene cuts to them having sex where we see her topless from above. A later scene has her briefly topless while having sex on a pile of money. Katarina Cas also has a full frontal scene near the end of the movie.
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According to Recapped, Margot Robbie apparently has a few topless scenes in The Wolf of Wall Street, which comes out in theaters on November 15.
"Margot Robbie has several nude scenes in The Wolf of Wall Street. First, we see Margot standing in the doorway nude (no full frontal). She and Leo then have sex. Later, there may be a hint of Margot’s nips as Leo is doing coke off her cleavage. Lastly, Margot is topless again during another sex scene."