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SEC Eyeing BNY Mellon on Anti-Bribery

Jaclyn Jaeger | January 26, 2015

BNY Mellon disclosed in a Form 8-K filing with the Securities and Exchange Commission last week that certain of its current and former employees have received a Wells Notice for potential violations of the Foreign Corrupt Practices Act.

On Jan. 23, BNY Mellon said the SEC made a preliminary determination to recommend an enforcement action against certain current and former employees for alleged violations of the FCPA “in connection with the provision of a limited number of internships to relatives of sovereign wealth fund officials,” the company stated. “BNY Mellon received a similar Wells Notice in the fourth quarter of 2014.”  

The Wells Notice, which is neither a formal allegation nor a finding of wrongdoing, allows BNY Mellon the opportunity to provide its reasons for why the proposed enforcement action should not be filed, and to address the issues raised...

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