Bank is the twelfth to be fined by the FCA for failures in transaction reporting
Merrill Lynch International has been
slapped with a £13.3m fine from the UK’s
Financial Conduct Authority (FCA) after incorrectly reporting
more than 35 million transactions and failing to report a
further 120,000 transactions during the seven years to November
The fine is the highest imposed for
transaction reporting failures and is the first under tough
rules implemented because "past fines have not been high enough
to achieve credible deterrence", according to the FCA.
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