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Top Japanese bank to pay $250M to NY regulators for laundering $100B, violating sanctions

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(Globalpost/GlobalPost)

ALBANY, N.Y. - New York regulators say the Bank of Tokyo Mitsubishi-UFJ Ltd. will pay $250 million to the state for laundering billions of dollars in transactions that violated economic sanctions against countries including Iran, Sudan, and Myanmar.

The state's Department of Financial Services says Thursday the bank agreed to the fine and a year of special monitoring for handling 28,000 U.S. dollar transactions totalling about $100 billion between 2002 and 2007.

It says BTMU employees routinely removed information from wire transfer messages that could have identified the government and business entities involved as targets of sanctions.

BTMU says Thursday it reported the violations to its regulators and stopped the practice in 2007. The bank said Thursday it has improved compliance policies and procedures and will continue to co-operate with regulators.

http://www.globalpost.com/dispatch/news/the-canadian-press/130620/top-japanese-bank-pay-250m-ny-regulators-laundering-100b-vio