UK watchdog fines Bank of New York Mellon $185 million

April 15, 2015 9:13 AM

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LONDON, April 15 (Reuters) - Britain's markets regulator said on Wednesday it has fined Bank of New York Mellon 126 million pounds ($185.30 million) for failing to comply with custody rules.

BNY looks after assets on behalf of clients and the rules ensure that the money is safe even if the bank goes bust.

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