12:51 PM EDT, 08/27/2024 (MT Newswires) -- Bank of New York Mellon ( BK ) will pay $5 million to settle alleged failure to accurately report millions of swap transactions and properly supervise its swap dealer business, the Commodities Futures Trading Commission said.

The trade watchdog found that the bank allegedly failed to accurately report at least five million swap transactions between 2018 and 2023.

The CFTC said Monday the reduced penalty reflects BNY Mellon's remediation efforts, engaging an external compliance consultant and its substantial cooperation with the investigation.

"BNY takes its regulatory responsibilities seriously and is pleased to have resolved this matter," BNY Mellon said in a statement to MT Newswires.

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