Merrill Lynch fined US$12m in U.S. for not filing hundreds of SARs

Broker-dealer Merrill Lynch has been ordered to pay US$12m - US$6m to the US Securities and Exchange Commission (SEC) and US$6m to the Financial Industry Regulatory Authority (FINRA) - after it applied too high a value threshold for filing suspicious activity reports (SARs).

Broker-dealer Merrill Lynch has been ordered to pay US$12m - US$6m to the US Securities and Exchange Commission (SEC) [1] and US$6m to the Financial Industry Regulatory Authority (FINRA) [2] - after it applied too high a value threshold for filing suspicious activity reports (SARs).