The Central Bank of Ireland has reprimanded and fined BNY Mellon Fund Services (Ireland) DAC EUR10.78m (USD11.8m) for 16 regulatory breaches relating to the outsourcing of fund administration. In a statement, CBI said: “The 16 breaches arose because of BNY DAC’s failure: to have in place an adequate outsourcing governance framework; to comply with its regulatory obligations in respect of outsourcing; and to engage openly and transparently with the Central Bank once breaches of its regulatory obligations were identified. The duration of the breaches ranged from 26 days to 6 years, spanning the period from July 2013 to December 2019.” BNY Mellon is the second largest fund administrator in Ireland, with >EUR1.13trn (USD1.24trn) AuA.
