FCPA Developments: BNY Mellon Agrees to Pay $14.8 Million in SEC Settlement

August 25, 2015

On August 18, 2015, the Securities and Exchange Commission (“SEC”) announced that BNY Mellon, an American banking and financial services firm, agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (“FCPA”) by providing student internships to family members of foreign officials affiliated with a Middle Eastern sovereign wealth fund. In a cease-and-desist order, the SEC accepted BNY’s settlement offer, without admitting or denying, to violations of both the anti-bribery and internal accounting controls provisions of the FCPA.

CGR Memo - FCPA Developments - BNY Mellon Agrees to Pay $14.8 Million in SEC Settlement