SEC Hits Merrill Lynch With $7.5 Million Penalty Over Suspicious Activity Reporting Lapses

The SEC has imposed a $7.5 million penalty on Merrill Lynch, Pierce, Fenner & Smith Inc., the Bank of America brokerage unit, over failures tied to suspicious activity reporting. The enforcement action centers on allegations that Merrill Lynch did not file a sufficient number of suspicious activity reports, or SARs, despite obligations designed to help...