The bank was fined £125,000 and has agreed to pay £40,000 in contribution to the SFA's costs after being found guilty of tranferring assets with a total value of $53m belonging to a client to a Swiss bank account in a similar name opened by one of it's employees.
Merrill admitted that it acted without due care and diligence. In total, 10 transfers were made by the bank to the employee's account under the mistaken belief that they were 'same name' transfers.
The bank fully compensated the customer for the losses and the former employee is now the subject of criminal proceddings.
Merrill Lynch Reprimanded
The Securities and Futures Association (now part of the Financial Services Authority) released a statement last week confirming a reprimand for Merrill Lynch International Bank Limited in connection with activities undertaken between 1994 and 1998.
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