“Britain's markets regulator has fined Bank of America Merrill Lynch a record 13.2 million pounds ($20 million) for failing to report transactions properly over seven years.
The Financial Conduct Authority (FCA) said on Wednesday that Bank of America's Merrill Lynch International arm incorrectly reported 35 million transactions and failed to report another 121,387 transactions between November 2007 and November 2014.
Accurate and timely reporting of transactions was crucial for spotting insider trading and market manipulation, the FCA said.
The record fine for reporting failures reflected the severity of the misconduct and a failure to adequately address the root causes over several years despite substantial guidance from the regulator and a poor history of transaction reporting compliance, it added.”
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