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UK authority fines Mitsubishi UFJ units on US case www3.nhk.or.jp
Japan's Mitsubishi UFJ Financial Group says 2 of its subsidiaries have agreed to pay fines of more than 33 million dollars for failing to notify a British authority of an enforcement case in the US.
The financial group announced the settlement with the UK Prudential Regulation Authority, or PRA, on Thursday.
In 2014, the group's subsidiary bank agreed to pay New York State's financial regulator 315 million dollars in penalties.
The fines were for pressing the bank's consultant to water down a report on dealings it conducted with Iran and other US-sanctioned nations for the 6 years to 2007.
The PRA says the bank and another Mitsubishi UFJ unit did not inform the authority of the US enforcement action until after the public announcement by New York State's financial regulator. Both subsidiaries have British bases.
The PRA says it imposed a total of 26.77 million pounds, or about 33.6 million dollars, on the 2 units for failing to be open and cooperative with the authority.
Mitsubishi UFJ says it is committed to conducting business with the highest level of integrity and regulatory compliance and to continuing to improve its policies and procedures.
Published Date:2017-02-10
