BNY Mellon will pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund. An SEC investigation found that students related to foreign officials were given preferential treatment in that they were not required to meet the normally rigorous criteria of BNY Mellon’s highly competitive internship programs. This was done to win or retain contracts to manage and service the assets of the sovereign wealth fund the foreign officials were affiliated with. BNY’s $14.8 million payment includes $8.3 million in disgorgement and a $5 million penalty. SEC
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