Image:
This is the largest monetary penalty imposed on a Fund Service Provider in Ireland to date.
The Central Bank of Ireland has announced a €10.8m fine to BNY Mellon Fund Services (Ireland) for 16 breaches relating to outsourcing of fund administration activities.
This is the largest monetary penalty imposed on a Fund Service Provider in Ireland to date. According to the press release, issued on 24 March, the breaches included not having "adequate outsourcing governance frameworks" and its failure "to engage openly and transparently with the Central Bank" after the breaches were identified. The CBI went on to BNY Mellon had provided "inaccurate and misleading information" to them and following their identification of the issues did not "fully remediate all of the issues". Fink: recent global events could 'accelerate' energy transition over t...
To continue reading this article...
Join Investment Week
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
