- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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