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". The duration of the breaches ranged from 26 days to 6 years, spanning ...
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