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FDIC, Federal Reserve Board and New York State Banking Department Announce Enforcement Actions Against The Bank of Tokyo-Mitsubishi UFJ, Ltd
The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the New York State Banking Department (NYSBD) today announced the issuance of separate but coordinated enforcement actions regarding The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan, and some of its U.S. operations.
The FDIC and the NYSBD issued a joint Order to Cease and Desist against the Bank of Tokyo-Mitsubishi UFJ Trust Company, a New York State-chartered banking corporation. Bank of Tokyo-Mitsubishi UFJ Trust Company, without admitting or denying the allegations, consented to the issuance of the Order. The Order determined that Bank of Tokyo-Mitsubishi UFJ Trust Company failed to implement adequate Bank Secrecy Act and anti-money laundering compliance programs.
The Federal Reserve Bank of San Francisco, the Federal Reserve Bank of New York, and the NYSBD executed a Written Agreement with Mitsubishi UFJ Financial Group Inc., Tokyo, Japan; its subsidiary bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan; and the bank's branch in New York, New York. The Written Agreement addresses Bank Secrecy Act and anti-money laundering compliance policies and practices at The Bank of Tokyo-Mitsubishi UFJ, Ltd.'s New York branch.
Copies of the Order and the Written Agreement are attached.
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