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Mitsubishi UFJ fined $315 mn over Iran sanctions violations

Bank of Tokyo-Mitsubish UFJ was fined $315 million by a US banking regulator Tuesday for pressuring a consultant to water down a report on transactions with Iran, Sudan and other sanctioned countriesBank of Tokyo-Mitsubishi UFJ was fined $315 million by a US banking regulator Tuesday for pressuring a consultant to water down a report on transactions with Iran, Sudan and other sanctioned countries. PwC discovered near the end of a year-long review of transactions that the bank had issued special instructions employees to strip wire messages of information that would have triggered sanctions compliance alerts. The instructions meant PwC’s report was more superficial and likely missed some transactions, the regulator said. But under pressure from the bank, part of Mitsubishi UFJ Financial Group, PwC agreed to cut that language and to replace it with a statement saying the review had been comprehensive and appropriate.

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