Bank of America Merrill Lynch faces a fine of 26 million U.S. dollars because of

Two sources said Wall Street regulators are expected to impose a total fine of $ 26 million on Bank of America Merrill Lynch (BAC.N) late Thursday or early next week for allegedly failing to report suspicious transactions.

The source said the SEC and FINRA will each fined Bank of America Merrill Lynch $ 13 million due to its failure to properly oversee illegal activities in the brokerage account transactions, mainly in 2010 and 2011 Year of the transaction.

 

One source alleging a fine, said one allegation was that Bank of America Merrill Lynch provided traditional banking services such as wire transfers and ATM deposits with overseas companies, but those transactions were not reviewed by banking software aimed at detecting potential unlawful activity.

Spokesmen for Bank of America Merrill Lynch and the SEC declined to comment. The spokesman for the time being unable to contact FINRA responded to the comment request.