BNY Mellon Fined for Internships-for-Cash Practices; Other Banks in Crosshairs

``Bank of New York Mellon Corp. agreed to pay $14.8 million to settle charges that it violated foreign-bribery laws by giving internships to relatives of officials from a Middle Eastern sovereign-wealth fund. The settlement is the first enforcement action brought by the Securities and Exchange Commission against a financial institution under the Foreign Corrupt Practices Act, which bans U.S. companies from giving anything of value to a foreign official to gain an unfair advantage or business favors. A number of U.S. banks are under investigation for similar hiring practices.''