Bank of New York Mellon Settles CFTC Charges

NEW YORK (Reuters) – Bank of New York Mellon has agreed to pay $5 million to settle charges from the U.S. Commodity Futures Trading Commission (CFTC). The charges stem from the bank’s repeated failures to correctly report millions of swap transactions, violating a prior order.

According to the CFTC, Bank of New York Mellon (NYSE: BK), which manages the swap dealing operations of its parent company, failed to accurately report at least 5 million swap transactions and did not properly supervise its swap dealer business from approximately 2018 to 2023.

Many of these failures were violations of a previous CFTC order issued in 2019. In addition to the civil penalty, Bank of New York Mellon has chosen to engage an independent compliance consultant to review its compliance program.

A spokesperson for BNY stated, “BNY takes its regulatory responsibilities seriously and is pleased to have resolved this matter.”