Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined a total of $26 million — $13 million by the SEC and another $13 million by the Financial Industry Regulatory Authority (FINRA) — for mismanaging its anti-money laundering (AML) responsibilities, especially after becoming part of Bank of America in 2009. In response to the fines… Read More >>
Merrill Lynch Fined $45M for Derivatives Reporting Failures
The U.K.’s Financial Conduct Authority (FCA) has fined Bank of America — Merrill Lynch (BAML) £34.5 million ($45.7 million) for failing to report derivatives transactions between 2014 and 2016. The enforcement action — which relates to 68.5 million exchange traded derivative transactions — is the first of its kind against a firm for failing to… Read More >>
Firms Need Multi-Disciplinary & Complex IT Responses to Sanctions
World events are hitting home for financial services firms as the Obama and Trump administrations have been steadily issuing a growing list of complex economic sanctions against countries that have been hotspots across the globe, including Venezuela, North Korea, Cuba, Iran, Ukraine, Russia, and Syria. These sanctions are compelling firms to formulate multi-disciplinary responses and… Read More >>
SWIFT Extends Financial Crime Fighting to Emerging Markets
SWIFT has expanded its financial crime-fighting services while Broadridge Financial Services has just completed a key blockchain/distributed ledger technology (DLT) pilot — news that broke at SWIFT’s SIBOS industry conference in Toronto this week. In an effort to help small financial services firms and institutions fight financial crime in emerging markets, SWIFT is launching a… Read More >>
