Analysis and Commentary on Money Laundering, Terrorist Financing and Financial Crime
Thursday, June 20, 2013
NEWS YORK IMPOSES $250m FINE ON BANK OF TOKYO-MITSUBISHI UFJ FOR SANCTIONS VIOLATIONS
The State of New York Department of Financial Services has imposed a monetary penalty, upon consent, in the amount of $250m, on the Bank of Tokyo-Mitsubishi UFJ. The violations included sending funds to countries against whom sanctions were in place, including Iran, Myanmar and Sudan.
The bank reportedly stripped information from wire transfers, to conceal the sanctioned destinations. To review the entire text of the order, access the link below*.