SEC - Securities and Exchange Commission

Merrill Lynch Fined $7.5M for Failing to File SARs The SEC announced settled charges against Merrill Lynch for failing to file numerous Suspicious Activity Reports (SARs) from April 2020 to September 2024. Merrill Lynch, a registered broker-dealer, relied on Bank of America's monitoring system, which failed to investigate certain events with lower risk scores that could have led to SAR filings. As a result, Merrill Lynch violated Section 17(a) of the Securities Exchange Act of 1934. Without admitting the findings, Merrill Lynch agreed to a cease-and-desist order, censure, and a $7.5 million civil penalty to settle the charges.