BNY Mellon Fund Services fined nearly €11m by the Central Bank for regulatory breaches

The breaches include failings to implement adequate outsourcing governance for its fund

An aggravating factor was that BNY Mellon failed to remediate the breaches when contacted to do so by the Central Bank.

The Central Bank has fined BNY Mellon Fund Services almost €11m for 16 regulatory breaches, the largest monetary penalty imposed on a fund service provider in Ireland to date.

An aggravating factor that led to the €10.78m fine was that BNY Mellon failed to remediate these conduct breaches after they were contacted to do so by the Central Bank.