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Report: BofA Merrill Lynch may be fined over suspicious transactions

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Report: BofA Merrill Lynch may be fined over suspicious transactions

The Securities and Exchange Commission and the Financial Industry Regulatory Authority may each penalize Bank of America Merrill Lynch $13 million next week for allegedly failing to report suspicious transactions, Reuters reported, citing "two sources familiar with the matter."

The brokerage account transactions occurred in 2010 and 2011. The firm allegedly offered traditional banking services, such as wire transfers to offshore firms and cash deposits via ATMs, but the bank software did not screen the transactions, the report said, citing a source.

The company will also enter into a cease and desist order, the report said.