{"id":1950,"date":"2017-12-26T16:29:12","date_gmt":"2017-12-26T22:29:12","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1950"},"modified":"2022-03-22T15:08:07","modified_gmt":"2022-03-22T20:08:07","slug":"regulators-fine-merrill-lynch-26m-j-p-morgan-securities-2-8m-respectively","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/regulators-fine-merrill-lynch-26m-j-p-morgan-securities-2-8m-respectively\/","title":{"rendered":"Regulators Fine Merrill Lynch $26M and J.P. Morgan Securities $2.8M, Respectively"},"content":{"rendered":"<p>\t\t\t\tAccording to <em>Reuters<\/em>, Bank of America Merrill Lynch (BAC) must pay FINRA and the SEC $13M in penalties each &#8212; $26M in total &#8212; because its anti-money-laundering procedures and policies were purportedly inaccurate. According to the regulators, from \u201911 to \u201915, these policies and procedures were \u201cnot reasonably designed\u201d enough to account for the additional risks involved in certain services offered by some of its retail brokerage accounts.<\/p>\n<p>The SEC\u2019s cease-and-desist order states that Merrill Lynch did not do an adequate enough job of monitoring, identifying, and reporting certain suspect activity involving transaction patterns in customer accounts. Among the allegations is that when the firm provided traditional banking services, the software that was supposed to identify possibly suspect transactions did not screen for such activities.<\/p>\n<p>The $26M fine comes just two months after the Financial Conduct Authority in the UK fined Merrill Lynch $45.5M for not reporting 68.5 million exchange-traded derivative transactions between \u201914 and \u201916. Because the firm\u2019s wealth management division cooperated with the FCA\u2019s probe, the original fine of $64.9M was reduced by 30%.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/regulators-fine-merrill-lynch-26m-j-p-morgan-securities-2-8m-respectively\/#more-1950\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Reuters, Bank of America Merrill Lynch (BAC) must pay FINRA and the SEC $13M in penalties each &#8212; $26M in total &#8212; because its anti-money-laundering procedures and policies were purportedly inaccurate. According to the regulators, from \u201911 to \u201915, these policies and procedures were \u201cnot reasonably designed\u201d enough to account for the additional [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958,3800],"tags":[],"class_list":["post-1950","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-merrill-lynch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Regulators Fine Merrill Lynch $26M and J.P. Morgan Securities $2.8M, Respectively &#8212; Investor Lawyers Blog &#8212; December 26, 2017<\/title>\n<meta name=\"description\" content=\"Merrill Lynch must pay FINRA and the SEC $13M in penalties each because its anti-money-laundering procedures and policies were purportedly inaccurate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/regulators-fine-merrill-lynch-26m-j-p-morgan-securities-2-8m-respectively\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Regulators Fine Merrill Lynch $26M and J.P. 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