Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses
Britain’s Financial Conduct Authority fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 30 million transactions and for failing to report another 120,000 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures. Details inside.
Related articles
-
News BriefFTC orders AI firms to disclose safeguards for children and teens
AI chatbots are increasingly used by children and teens, prompting the FTC to order seven AI companies to explain how they monitor potential harms to minors.
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.