CFTC orders BNY to pay $5M over reporting failures
By 
Aaron Nicodemus2024-08-28T17:50:00
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission (CFTC) for “significant reporting failures” related to its swap dealer business.
From 2018-23, BNY “repeatedly” failed to properly report the associated persons connected to five million swap transactions to a registered swap dealer repository, according to the CFTC’s order published Monday.
The bank also failed to properly supervise its swap dealer business, as it had no written policies or procedures to monitor the voice communications of associated persons of swap transactions, or to monitor the e-communications of its associated persons communicating in languages other than English, the CFTC said.
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