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Merrill Lynch fails to file nearly 1,500 SARs, say SEC and FINRA

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Photo: Getty Images

Julie DiMauro

1 min read
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FINRA and the SEC fine Merrill Lynch $6m, saying the broker-dealer failed to implement policies, procedures, and internal controls.

The SEC yesterday issued a cease and desist order, charging Merrill Lynch and its parent company, BAC North America Holding Co. (BACNAH), a subsidiary of Bank of America, for failing to file hundreds of Suspicious Activity Reports (SARs) over the course of a decade.

The US Financial Industry Regulatory Authority

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