Defendant Name: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of America Corporation
SIC Code: 6021
CUSIP: 06050510

Initial Case Details

Legal Case Name In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
First Document Date 21-Dec-2017
Initial Filing Format Administrative Action
File Number 3-18318
Allegation Type Broker Dealer

Violations Alleged

Other
• Section 17(a) Exchange Act; Rule 17a-8 Exchange Act

Resolutions

First Resolution Date 21-Dec-2017
Headline Total Penalty and Disgorgement $13,000,000

Related Documents:

34-82382 21-Dec-2017 Administrative Proceeding
Order Instituting Administrative Cease-And-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-And-Desist Order
According to the SEC: "Merrill Lynch, in addition to offering its customers the ability to buy and sell securities, offered its customers other services in brokerage accounts, such as ATM cash deposits, wires, journal-entry transfers, check writing, ATM withdrawals, cash advances, and ACH transfers. By offering these additional services, Merrill Lynch was susceptible to risks of money laundering and other illicit financial activity associated with these services. From at least 2011 to 2015 (the "relevant period"), Merrill Lynch had anti-money laundering ("AML") policies and procedures that were not reasonably designed to account for the additional risk associated with the additional services offered by certain of its retail brokerage accounts. Because of the deficiencies in its AML policies and procedures detailed below, Merrill Lynch failed to adequately monitor for, detect, and report certain suspicious activity related to transactions or patterns of transactions in its customers' accounts."
34-82382-s 21-Dec-2017 Administrative Summary
Merrill Lynch, Pierce, Fenner & Smith Settles SEC Charges that it Failed to Comply with Anti-Money Laundering Laws
According to the SEC: On December 21, 2017 "Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), a registered broker-dealer and investment adviser headquartered in New York, New York, agreed to settle charges that it failed to file and timely file Suspicious Activity Reports (SARs) for certain transactions."