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Bank of America Agrees to Pay $7.5 Million to Settle SEC SAR Filing Violations at Merrill

GateNews
According to the Securities and Exchange Commission, Bank of America has agreed to pay $7.5 million to settle allegations that its Merrill Lynch brokerage failed to file all required suspicious activity reports (SARs) during the period from April 2020 to September 2024. The SEC said the issue stemmed from Merrill's transaction-monitoring system, which used a 1-20 risk scoring threshold; events below the threshold were not investigated for potential SAR filings, even though internal reviews later found some should have been reported. Bank of America said it changed the system's scoring methodology in December 2023 and cooperated with regulators throughout the investigation.
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