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Reuters: BAML to pay $26M for allegedly failing to report suspicious activity

Published 12/21/2017, 05:33 PM
© Reuters.  Reuters: BAML to pay $26M for allegedly failing to report suspicious activity
BAC
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  • The SEC and FINRA will issue fines totaling $26M to Bank of America's (NYSE:BAC) Merrill Lynch over brokerage account transactions that occurred mostly in 2010 and 2011 and were not properly monitored for suspicious activity, Reuters reports.
  • One allegation is that BAML provided traditional banking services, such as wire transfers to offshore companies and cash deposits via ATMs, yet the activity was not screened by bank software designed to flag potentially illicit transactions, according to the report.
  • Now read: Bank Of America Hits High Not Seen Since Financial Crisis, So They Announce B Buyback?


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