BofA Fined $3 Million

Bank of America's(BAC Quote) brokerage unit was fined $3 million for failing to comply with anti-money-laundering regulations.

The National Association of Securities Dealers alleges that Banc of America Investment Services, which houses the Charlotte lender's investment management, online brokerage and wealth management businesses, failed to obtain additional customer information from certain high-risk accounts.

BofA's brokerage unit also did not have adequate communication with its parent to ensure that its independent suspicious activity reports were filed correctly, the NASD says. ...