Merrill Lynch Fined $7.5M for Persistent AML Failures, Highlighting Critical Gaps in Compliance Technology and Oversight

Merrill Lynch has been fined $7.5 million by the SEC for repeated failures in its Anti-Money Laundering (AML) program, specifically for not filing Suspicious Activity Reports (SARs). This case underscores the critical importance for audit and assurance professionals to not only implement robust AML technology but also to ensure its correct configuration, continuous testing, and, crucially, prompt remediation of identified deficiencies. The recurring nature of Merrill Lynch's issues highlights the need for strong governance, effective oversight, and a culture that prioritizes timely corrective action over mere identification of problems.