Then Central Bank of Ireland has hit BNY DAC with the largest penalty imposed on a fund service provider in Ireland for failings uncovered over a six year period from 2013 to 2019. Picture: Leah Farrell/RollingNews.ie
US fund administrator BNY Mellon has been hit with a €10.78 million fine for 16 regulatory breaches relating to the outsourcing of fund administration activities. The Central Bank of Ireland today announced that it had slapped BNY DAC with the largest penalty imposed on a fund service provider in Ireland for failings uncovered over a six year period from 2013 to 2019.
The 16 breaches arose because of BNY’s failure to have in place an adequate outsourcing governance...
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