Bank of America's ( BAC) 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. BofA "fundamentally failed to meet its obligations with these high risk accounts by failing to adequately investigate and pursue red flags, especially in the face of repeated requests for additional information about the accountholders from its own clearing firm," the NASD said. The accounts involved 34 trust and private investment companies domiciled in the Isle of Man and affiliated with one family, NASD said. The NASD alleges that from August 2003 to October 2004, BofA allowed the accounts to engage in large wire transfer transactions even though the unit did not have the names of the beneficial owners in the accounts, after repeated requests from general counsel, its risk management committee and a clearing firm. The NASD found that the brokerage unit also had "inadequate" compliance program set up for reporting suspicious transactions, specifically "sufficient procedures in place to ensure there was adequate communication" between it and its parent company, BofA. A BofA spokeswoman said the bank "cooperated fully" with the NASD on the matter and "takes very seriously its regulatory obligations to know its customers and assist regulators in the fight against money laundering, fraud and other illegal activity." Shares fell 48 cents, to $51.56.