Regulators Slap Merrill Lynch With $12M Fine For Anti-Money-Laundering Failures
Portfolio Pulse from Benzinga Newsbot
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.

July 12, 2023 | 8:52 am
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Bank of America, parent company of Merrill Lynch, faces significant fines due to regulatory failures and unethical practices.
The fines imposed on Merrill Lynch and Bank of America indicate serious regulatory and ethical failures. This could negatively impact investor sentiment and potentially lead to a short-term decrease in BAC's stock price.
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