Bank of New York Mellon to pay $5 million over swap reporting, supervision failures, CFTC says

NEW YORK (Reuters) -The Bank of New York Mellon has agreed to pay $5 million to settle U.S. Commodity Futures Trading Commission charges for repeatedly failing to correctly report millions of swap transactions, violating a previous order, the regulator said in a statement on Monday.

BNY repeatedly failed to correctly report at least 5 million swap transactions and failed to properly supervise its swap dealer business from about 2018 through 2023, the CFTC said in its statement.

Many of those failures violated a previous CFTC order against the firm from 2019, the regulator said.

BNY also decided to retain an independent compliance consultant to review its compliance program, in addition to paying the civil penalty, the CFTC said.

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

(Reporting by Chris Prentice; Editing by Nick Zieminski and Mark Porter)