Business & Finance
BofA to Pay SEC $7.5 Million Over Reporting Lapse Allegations
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BofA to Pay SEC $7.5 Million Over Reporting Lapse Allegations Bank of America Corp. agreed to pay $7.5 million to the Securities and Exchange Commission to settle allegations that its Merrill Lynch brokerage failed to properly file all required suspicious activity reports, according to a administrative action filed Monday. The agency said Merill didn’t investigate all the suspicious activity it should have between April 2020 and September 2024 because of the way its corporate parent flagged...
BofA to Pay SEC $7.5 Million Over Reporting Lapse Allegations
Bank of America Corp. agreed to pay $7.5 million to the Securities and Exchange Commission to settle allegations that its Merrill Lynch brokerage failed to properly file all required suspicious activity reports, according to a administrative action filed Monday.
The agency said Merill didn’t investigate all the suspicious activity it should have between April 2020 and September 2024 because of the way its corporate parent flagged some transactions for additional scrutiny.
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