Violation Tracker Individual Record

Company: 
Banc of America Investment Services Inc.
Current Parent Company: 
Bank of America
Penalty: 
$3,000,000
Year: 
2007
Date: 
February 13, 2007
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD fined Banc of America Investment Services, Inc. $3 million for failing to obtain customer information for certain high-risk accounts and for failing to have adequate communication with its parent bank to ensure that suspicious activity report filing obligations were met.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.