⚖FCA fines Merrill Lynch £34.5 million for failing to report transactions .
The US bank failed to report nearly 69 million transactions over two years, the Financial Conduct Authority said.
Merrill Lynch’s fine was reduced by 30% because the bank agreed to settle at an early stage, the regulator added.
The bank said it had reported the issue as soon as it was discovered and was “wholly committed” to following financial regulations.
It is the first enforcement action taken by the regulator under rules introduced following the financial crisis of 2008.
https://www.fca.org.uk/news/press-releases/fca-fines-merrill-lynch-failing-report-transactions