U.S. punishes BTM UFJ over lax anti-money-laundering measures

U.S. financial regulators said Monday they have issued separate but coordinated enforcement actions against the Bank of Tokyo-Mitsubishi UFJ and some of its U.S. operations for their failure to adequately implement anti-money-laundering compliance programs.

The regulators are the Federal Deposit Insurance Corp, the Federal Reserve Board and the New York State Banking Department. Bank of Tokyo-Mitsubishi UFJ Trust Co, without admitting or denying the allegations, consented to the issuance of the order, they said, adding the order determined that Bank of Tokyo-Mitsubishi UFJ Trust failed to implement adequate Bank Secrecy Act and anti-money-laundering compliance programs.