SEC Charges BNY Mellon with Violating Bribery Laws

Bank of New York Mellon Corp (NYSE:BK) will pay $14.8 million to settle charges it violated federal bribery laws by providing student internships to family members of government officials affiliated with a Middle Eastern sovereign wealth fund, U.S. regulators said.

The Securities and Exchange Commission said the bank failed to evaluate the family members through its "highly competitive internship program" with "stringent" standards, and the people it hired did not meet the criteria usually required.

The bank is settling the case without admitting or denying the charges.