Bank has pledged to improve policies and operations in line with CASS rules
The Bank of New York Mellon said it
launched an internal review of its custody practices with an
independent third party upon learning of the compliance
failures that saw the US bank fined £126 million by the
British regulator on Wednesday.
The bank said on Wednesday that upon
learning of the compliance failures - which took place between
1 November 2007 and 12 August 2013 - it launched an
internal review with an independent third party.
"As a result, we have engaged in a
remediation process and have taken clear steps to put in place
a framework of new and improved policies and operational
procedures as well as enhance our specialist resources across
many functions to reinforce our compliance with CASS rules,"
said the bank.
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