Bank of America’s Merrill Lynch fined £35m by UK watchdog

The UK’s financial regulator has fined Bank of America’s Merrill Lynch £35m for breaking reporting rules.

The US bank failed to report nearly 69 million transactions over two years, the Financial Conduct Authority said.

The watchdog said it was the first enforcement action taken under rules introduced following the financial crisis of 2008.

Merrill Lynch’s fine was reduced by 30% because the bank agreed to settle at an early stage, the regulator said.

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