(Updates to add Bank of America's response in the third paragraph, and add "numerous" word in the first paragraph.)
Bank of America's (BAC) Merrill Lynch unit has been fined $7.5 million by the US Securities and Exchange Commission for failing to file numerous reports to flag money laundering and other suspicious activity, Reuters reported Monday.
Merrill Lynch has accepted the civil fine but has neither admitted or denied any wrongdoing over failures to file numerous suspicious activity reports from April 2020 to September 2024, according to the report.
A Bank of America spokesperson toldthat the company has been engaging with the regulators on this matter, and continues to review its systems to detect and report suspicious activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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