Bank of New York Mellon Corp has disclosed in a filing that U.S. regulators are considering charging it with violating U.S. foreign bribery laws after an investigation into internships it gave to relatives of sovereign wealth fund officials.
Reuters reports that in a regulatory filing last week, BNY Mellon said that U.S. Securities and Exchange Commission staff had notified it that they would recommend the SEC charge the bank over alleged violations of the Foreign Corrupt Practices Act.
A case from the SEC would be the first to come from a long-running investigation into banks' dealings with sovereign wealth funds.
BNY Mellon said the so-called Wells notice came after SEC staff provided a similar notice in the third quarter of 2014 to some current and former employees about possible charges.
The firm said the employees' Wells notice indicated the SEC was considering charges in connection with the internships. The bank received a similar notice in the fourth quarter, it said.
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