Bank of Tokyo-Mitsubishi UFJ today reached a $315 million settlement with the New York State Department of Financial Services—adding to the $250 million settlement it reached with DFS last year—for misleading regulators regarding the bank’s transactions with Iran, Sudan, Myanmar, and other sanctioned entities, bringing the bank’s total monetary penalty to $565 million.
A year-long investigation conducted by DFS found that compliance executives of the bank pressured its consultant, PwC, into deleting warnings originally made to regulators in a report to DFS. Bank of Tokyo-Mitsubishi UFJ (BTMU) had hired PwC to conduct a historical transaction review report on wire transfers that the bank performed on behalf of sanctioned countries during the period of 2002 to 2007.
