Bank of New York Mellon units fined $186M

April 15, 2015 2:57 PM

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Britain's financial regulator on Wednesday fined Bank of New York Mellon units £126 million, or nearly $186.3 million for failing to comply with rules intended to keep client assets safe in case the bank became insolvent.

The violations focus on custody banks, major institutions that hold clients securities for safekeeping in either electronic or physical form to minimize the possibility of theft of loss.

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