REVEALED: SEC Hits BNY Mellon on Alleged FCPA Violation
U.S. financial institutions are at greater risk of violating the U.S. Foreign Corrupt Practices Act (FCPA), as the Securities and Exchange Commission (SEC) increases staff resources and banks conduct more business overseas. It has been revealed publicly the SEC has issued Wells notices to a number of current and former employees of BNY Mellon. A Wells notice is a letter sent by the SEC to individuals informing them the commission intends to bring charges against them. There is no legal requirement for a securities regulator to provide a Wells Notice.
BNY Mellon is a major player in the world of institutional investor capital. In the fourth quarter of 2014, the bank had US$ 28.5 trillion in assets under custody. Assets under management for the same time period were US$ 1.71 trillion.
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