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BNY Mellon Settles FCPA Charges for $14.8 Million

Jaclyn Jaeger | August 18, 2015

The Bank of New York Mellon today agreed to pay $14.8 million to the Securities and Exchange Commission to settle charges that it violated the Foreign Corrupt Practices Act.

The violations took place during 2010 and 2011, when employees of BNY Mellon sought to corruptly influence foreign officials to retain and win business managing and servicing the assets of a Middle Eastern sovereign wealth fund, according to the SEC. “These officials sought, and BNY Mellon agreed to provide, valuable internships for their family members,” the SEC said.

“BNY Mellon provided the internships without following its standard hiring procedures for interns, and the interns were not qualified for BNY Mellon’s existing internship programs,” the SEC added.

Furthermore, the SEC said, BNY Mellon failed to devise and maintain a system of internal accounting controls around its hiring practices sufficient to provide...

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