Arab Today, arab today bank of america fined record £13m by uk regulator
Last Updated : GMT 07:27:18
Arab Today, arab today
Arab Today, arab today

Bank of America fined record £13m by UK regulator

Arab Today, arab today

Arab Today, arab today Bank of America fined record £13m by UK regulator

US banking giant Bank of America
London - AFP

US banking giant Bank of America has been fined a record £13.3 million for failing to properly report millions of transactions, British regulators said Wednesday.

The penalty, equivalent to $20 million or 18.6 million euros, was handed down to Merrill Lynch International -- the group's corporate and investment banking division -- by London's Financial Conduct Authority (FCA) watchdog.

The FCA said in a statement that the division had incorrectly reported 35 million transactions and failed to report another 121,387 between 2007 and last November.

The regulator added that the record fine for failing to properly report transactions reflected the severity of the lender's misconduct and its failure to adequately address the root causes over several years, despite a previous warning in 2002 and a fine in 2006.

"Proper transaction reporting really matters," said Georgina Philippou, the FCA's acting director of enforcement and market oversight.

"Merrill Lynch International has failed to get this right again -- despite a private warning, a previous fine, and extensive FCA guidance and enforcement action in this area," she added in the statement.

"The size of the fine sends a clear message that we expect to be heard and understood across the industry."

The FCA has already fined 11 other firms for transaction reporting breaches, including Deutsche Bank, Barclays, Credit Suisse and Royal Bank of Scotland.

Merrill Lynch agreed to settle at an early stage of the investigation. As a result, it received a 30-percent discount on the fine which would otherwise have been £20 million, according to the FCA.

In response, a Merrill Lynch International spokesman said that the group had sought to address the issues.

"We are wholly committed to complying with all FCA requirements and continuously seek to improve all necessary aspects of our reporting," he said.

"While regrettable, today's decision principally refers to self-identified issues which we have sought to remediate as quickly as possible. We can confirm that no clients were financially impacted as a result."

BoA is second-biggest US bank by assets, and is based in Charlotte, North Carolina.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america fined record £13m by uk regulator Arab Today, arab today bank of america fined record £13m by uk regulator

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america fined record £13m by uk regulator Arab Today, arab today bank of america fined record £13m by uk regulator

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday