Merrill Lynch, Pierce, Fenner & Smith has agreed to pay a $7.5 million civil penalty to settle charges with the U.S. Securities and Exchange Commission (SEC) for failing to file numerous Suspicious Activity Reports (SARs) from April 2020 through September 2024, in violation of broker-dealer reporting and record-keeping requirements, the SEC announced Monday.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...