Bank of America Fined $20M For Inaccurate Reporting

Bank of America’s Merrill Lynch International was fined a record £13.3 million ($20 million) by the U.K.’s Financial Conduct Authority for failing to report transactions correctly. The fine on Bank of America is more than double the previous biggest penalty imposed by the regulator for such misconduct.

Bank of America incorrectly reported over 35 million transactions

The U.K. financial regulator said Wednesday that Merrill Lynch International, a unit of the U.S. bank, incorrectly reported 35 million transactions and failed to report another 121,387 transactions between November 2007 and November 2014.

In its final notice outlining the...