Sovereign wealth fund interns cost BNY Mellon nearly $15m

Custodians should retrain HR in foreign bribery rules as SEC threatens further action

us-sec
US SEC headquarters in Washington, DC

BNY Mellon has agreed to pay $14.8 million to settle charges it gave student internships to family members of foreign officials at an unnamed Middle Eastern sovereign wealth fund, with which it did business.

But US lawyers have criticised the Securities and Exchange Commission (SEC) for using its clout to reach a settlement with BNY Mellon behind closed doors without judicial scrutiny.

Custodians, meanwhile, should ensure their human resources teams are fully aware of the US Foreign Corrupt

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here