More News
RETAIL BANKING | Staff Reporter, Japan

US federal regulator issues fresh warning against MUFG Bank over money laundering lapses

The regulator said that it had uncovered ‘serious’ problems at the bank’s branches.

The Office of the Comptroller of the Currency, a US federal banking regulator, has issued a warning against Mitsubishi UFJ Financial Group in an effort to push the bank to resolve possible cases of money laundering lapses at its branches, reports the New York Times.

The regulator said that the bank appeared to have broken anti-money laundering laws on more occasions than previously thought and that it must fix the problems immediately.

“We have made substantial investments over the last several years to bring us into full compliance,” Daniel Weidman, an MUFG spokesman, said. “MUFG Bank is committed to conducting business with the highest levels of integrity, and to continually improving its regulatory compliance.”

New York regulators slapped the bank with millions of dollars worth of penalties in the past for similar violations.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.