BTMU To Pay $8.6M For Violating US Sanctions

Law360, New York (December 13, 2012, 1:36 PM EST) -- The Bank of Tokyo-Mitsubishi UFJ Ltd. agreed Wednesday to pay $8.6 million in civil penalties for possibly violating U.S. economic sanctions on Iran, Mynamar, Sudan and Cuba.

The Treasury Department's Office of Foreign Assets Control said BTMU — Japan's largest bank — had improperly routed $5.8 million through the U.S. in 2006 and 2007, concealing the possible involvement of sanctioned entities by systematically deleting or omitting reference to them.

The bank's senior management self-reported the apparent violations upon learning of them in 2007, OFAC said, and...
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