Merrill Lynch, a subsidiary of Bank of America (NYSE:BAC), has been fined $12 million by regulators for failing to file approximately 1,500 suspicious activity reports (SARs) over a span of more than ten years. The company used a $25,000 threshold for reporting SARs between 2009 and late 2019, contrary to U.S. anti-money-laundering rules which require SARs for transactions exceeding $5,000. Bank of America was also ordered to pay a $250 million penalty for opening credit-card accounts without customers’ consent and double-charging fees.