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.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit