A subsidiary of Bank of America (BofA) agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn't detect manipulative trading, the Financial Industry Regulatory Authority (FINRA) said. BofA Securities will pay $669,000 to FINRA and the remainder to exchanges, including Choe BYX and Nasdaq, the self-regulatory agency announced in a disciplinary action Wednesday. Between 2015 and 2024, the surveillance system of Bank of America Merrill Lynch and since 2019, of BofAS, was too limited to detect that manipulative wash trading and pre-arranged trading was taking place, FINRA said.