The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Securities and Exchange Commission
Unidentified Middle East nation
Cease and Desist Order
Disgorgement of Profits, Prejudgment interest, Civil Fine
Bribery of Foreign Officials, Internal Controls Violations
No admission or denial of alleged offenses
According to the US Securities and Exchange Commission, Bank of New York Mellon "has agreed to 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 BNY Mellon did not evaluate or hire the family members through its existing, highly competitive internship programs that have stringent hiring standards and require a minimum grade point average and multiple interviews. The family members did not meet the rigorous criteria yet were hired with the knowledge and approval of senior BNY Mellon employees in order to corruptly influence foreign officials and win or retain contracts to manage and service the assets of the sovereign wealth fund. According to the SEC’s order instituting a settled administrative proceeding, the sovereign wealth fund officials requested that BNY Mellon provide their family members with internships, and they made numerous follow-up requests about the status, timing, and other details of the internships for their relatives." (Source: SEC Press Release, "SEC Charges BNY Mellon With FCPA Violations," August 18, 2015.)
US Securities and Exchange Commission, In the Matter of The Bank of New York Mellon Corporation, Administrative Proceeding File No. 3-16762, August 18, 2015, at https://www.sec.gov/litigation/admin/2015/34-75720.pdf; SEC Press Release, "SEC Charges BNY Mellon With FCPA Violations," August 18, 2015, at https://www.sec.gov/news/pressrelease/2015-170.html.
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