Top Japanese bank to pay $315M to NY regulators for laundering $100B, violating sanctions

Government And Institutions Associated Press

New York regulators say Bank of Tokyo Mitsubishi UFJ will pay $315 million and two of its employees will be sanctioned for misleading the state about bank transactions that violated U.S. economic sanctions against several countries, including Iran, Sudan and Myanmar.

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The state's Department of Financial Services says its yearlong investigation showed employees pressured the bank's consultant, PricewaterhouseCoopers, into removing key warnings to regulators in a report the bank submitted about the extent of illicit conduct.

In June 2013, Bank of Tokyo agreed to pay $250 million and have a year of special monitoring for having handled about 28,000 U.S. dollar transactions totaling about $100 billion through its New York operation between 2002 and 2007.

Two former bank compliance employees are banned from business involving any New York-regulated bank.

Calls to the bank were not immediately returned.