Enter multiple symbols separated by commas

SEC probe found accounts at Merrill, Schwab linked to Mexican drug cartels: Reuters

U.S. regulators are investigating Charles Schwab Corp and Bank of America Corp's Merrill Lynch brokerage over whether they are doing enough to police their clients' identities, two sources said.

The U.S. Securities and Exchange Commission is probing Charles Schwab and Merrill Lynch for violations of anti-money laundering rules that require the brokerages to know their customers, the sources said.

A spokesman for the SEC declined to comment. Spokespeople for Schwab and Merrill did not immediately respond to a request for comment

This story is developing. Please check back for further updates.

Click here for the latest on the markets.

Contact Banks


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.