New York’s banking regulator has fined Bank of Tokyo Mitsubishi-UFJ (BTMU) US$250 million for laundering billions of dollars in transactions that violated economic sanctions against countries including Iran, Sudan, and Myanmar.
The bank, which agreed to settle the case, made 28,000 illegal transactions totalling $100bn for governments and institutions in those countries as well as entities on a US Treasury blacklist.
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New York regulators alleged that BTMU employees routinely removed information from wire transfer messages that could have identified the government and business entities involved as targets of sanctions.
In addition to the fine, the bank is required to hire an independent consultant to improve its internal controls.
A spokesman for the bank said its highest priority is complying fully with regulations, and that it will continue working "constructively" with regulators "in our key markets around the world."
The action is the state’s latest move to crack down on financial-services firms for issues ranging from foreclosure errors to money laundering.
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By GlobalDataLast year, British bank Standard Chartered Bank agreed to pay US$340 million to settle New York allegations it violated sanctions by processing billions of US dollar transactions for Iranian interests. British bank HSBC paid up US$1.9 billion for drug money laundering and deals involving terrorist states.
