Foreign Corrupt Practices Act Alert: Bank of New York Mellon Corp. Agrees to Pay $14.8 Million to Settle SEC Corruption Charges Arising Out of Internships for Family Members of Sovereign Wealth Fund Officials

August 18, 2015

The U.S. Securities & Exchange Commission (SEC) announced today that Bank of New York Mellon Corp. (BNY Mellon) has agreed to pay $14.8 million in penalties, including a $5 million civil monetary penalty, $8.3 million in disgorgement, and $1.5 million in prejudgment interest, to settle charges that the bank violated the anti-bribery and the books and records and internal control provisions of the Foreign Corrupt Practices Act (FCPA).  The SEC alleged that BNY Mellon provided internships to family members of officials of a Middle Eastern sovereign wealth fund “to corruptly influence [those] officials in order to retain and win business managing and servicing the assets of” the sovereign wealth fund.