(Adds detail from release)
WASHINGTON Aug 26 The U.S. futures regulator
said on Tuesday it had fined a unit of Bank of America Corp
$1.2 million for failures to supervise the processing of
fees charged to its customers over a period of three years.
The Commodity Futures Trading Commission (CFTC) said it had
simultaneously settled charges against Merrill Lynch, Pierce,
Fenner & Smith Inc., a New York firm that trades futures and
swaps on behalf of clients.
The unit had accrued a total of more than $450,000 in excess
fees from 196 clients, or 0.14 percent of all the fees it had
paid to exchanges in the period from at least Jan. 1, 2010 to
April 2013, the CFTC said.
It also found that the unit had not hired qualified
personnel to oversee fees, did not provide complete procedures
manuals to staff until at least April 2013, and did not provide
meaningful training to employees.
The bank neither admitted nor denied the findings in the
(Reporting by Douwe Miedema; Editing by Sandra Maler)