Government and industry regulators have fined Merrill Lynch $12 million over allegations that the firm failed for more than a decade to file the required Suspicious Activity Reports (SARs) flagging transactions that it knew or suspected were being used to support criminal activity.
The Securities and Exchange Commission and brokerage industry self-regulator Finra each announced $6 million settlements with the wealth manager, alleging that Merrill’s anti-money-laundering policies and procedures improperly relied on a $25,000…
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