Bank Of Tokyo-Mitsubishi Owes $315M For Sanction Violations

Law360, New York (November 18, 2014, 11:38 AM EST) -- The New York Department of Financial Services on Tuesday slapped Bank of Tokyo Mitsubishi UFJ with an additional $315 million penalty for allegedly misleading regulators about its transactions with Iran, Sudan and other entities under U.S. sanctions.

The $315 million penalty comes on top of a $250 million fine New York’s financial regulator applied against the Japanese bank in June 2013. A yearlong investigation into BTMU’s activities found that Japan’s largest bank pressured its consultant, PricewaterhouseCoopers, into removing key warnings in a report the bank submitted to the DFS, the regulator said.

“It is clear that we — as a regulatory...

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