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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 Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
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.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.