SEC Sticks BNY Mellon With $14.8 Million Fine Over Internships

BNY Mellon is in hot water over not playing fair with its internship program.

The Securities and Exchange Commission announced Tuesday that the multinational banking and financial services corporation has agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA). The firm allegedly provided student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.

An SEC investigation discovered that fund officials requested BNY Mellon provide their family members with internships and made “numerous follow-up requests about the status, timing, and other...