Banking regulators on Monday ordered the Bank of Tokyo-Mitsubishi UFJ to take steps to bolster policies aimed at detecting abuses by money launderers, terrorist financiers and other criminals.
The steps are to be taken to address deficiencies related to anti-money laundering policies, regulators said in separate but coordinated enforcement action against the Bank of Tokyo-Mitsubishi UFJ Ltd. of Japan and some of its U.S. operations.
In one action, the Federal Deposit Insurance Corp., the New York State Banking Department issued an order against Tokyo-Mitsubishi UFJ Trust Co for failing to implement adequate Bank Secrecy Act and anti-money laundering compliance programs.
The order, among other things, calls on the company to obtain an independent consultant to review its anti-money laundering compliance efforts as well as deficiencies pointed out by regulators and come up with an improvement plan.
In another action, the Federal Reserve Bank of San Francisco, the Federal Reserve Bank of New York and the New York State Banking Department said anti-money laundering improvements needed to be made at the bank's New York branch.
http://www.businessweek.com/ap/financialnews/D8M3H4V01.htm
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