By Kyle Brasseur2023-07-11T17:32:00
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) for allegedly failing to file nearly 1,500 required suspicious activity reports (SARs) over the course of a decade.
On Tuesday, the SEC and FINRA each announced fines of $6 million against the broker-dealer. The SEC also cited BAC North America Holding Co. (BACNAH), Merrill Lynch’s parent company, for its role in the alleged failures.
Following the 2009 merger between Merrill Lynch and Bank of America, BACNAH assumed responsibility for creating and implementing Merrill Lynch’s SAR policies and procedures and filing its reports, according to the SEC. During this transition, BACNAH incorrectly applied a $25,000 threshold for reporting suspicious activity, when it should have been $5,000.
2024-10-01T15:36:00Z By Jeff Dale
The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
2023-09-18T20:32:00Z By Jeff Dale
A registered representative at an unnamed brokerage firm will pay $20,000 to settle charges by the Securities and Exchange Commission that he failed to notify the firm’s anti-money laundering department of apparent suspicious transactions.
2023-08-29T18:23:00Z By Kyle Brasseur
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
2025-10-06T16:46:00Z By Aly McDevitt
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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