KPMG faces steep fine for errors in BNY Mellon's audit

Posted On: May. 22, 2019 6:02 AM CST

U.K.'s Financial Reporting Council has proposed fining Dutch consultancy firm KPMG International £12.5 million ($16 million) for errors in checking whether The Bank of New York Mellon Corp. was complying with client protection rules, Reuters reported. The regulator has asked an independent disciplinary tribunal to levy the fine.