Bank of New York Mellon Hit by Record Irish Fine for Lapses
- Regulator reprimands firm for breaches over fund outsourcing
- Company provided ‘inaccurate’ information to central bank
Photographer: Gabriela Bhaskar/Bloomberg
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Ireland’s central bank hit a unit of Bank of New York Mellon Corp. with a record fine and a reprimand for breaking rules on outsourcing fund administration services as well as giving “inaccurate and incomplete information” to the regulator.
The central bank fined BNY Mellon Fund Services (Ireland) DAC 10.78 million euros ($11.8 million) for 16 regulatory breaches, it said in an emailed statement. The firm admitted the breaches, which took place between July 2013 and December 2019.