Bank of Tokyo-Mitsubishi Fined $315m

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

Bank of Tokyo-Mitsubishi (BTMU) has been fined $315m (£200m) by US authorities for watering down a report about transactions involving Iran and other sanctioned countries.

Key warnings were removed from the report by PricewaterhouseCoopers (PwC), due to pressure from BTMU employees, New York State regulators found.

One BTMU employee resigned following the investigation.Mitsubishi

Two others were banned from working with any New York banks.

“It is clear that we – as a regulatory community – must work aggressively to reform the cozy relationship between banks and consultants, which far too often has resulted in shoddy work that sweeps wrongdoing under the rug,” said Benjamin Lawsky, New York’s superintendent of financial services.

Read also: Adesina’s Crisis: Buhari Restates Total Support For AfDB President As He Visits Aso Villa

PricewaterhouseCoopers, which prepared the report, found that BTMU had been telling employees to remove information from messages that would have triggered compliance alerts.

In an earlier draft of its report PwC highlighted the significance of that discovery.

But later, at the bank’s request, PwC replaced that section, according to the investigation.

The New York State investigation also found that other important information was removed from the PwC report, at the request of BTMU. That included:

  • An English translation of BTMU’s instructions to employees which referenced the bank doing business with “enemy countries” of the US
  • most of PwC’s discussion about the bank’s manipulation of messages
  • a section that discussed how BTMU disguised messages by using characters in names. For example SUD#N.

The latest fine is in addition to a $250m fine BTMU agreed to in June 2013, for conducting billions of dollars of transactions for governments and private bodies in Iran, Sudan and Myanmar.

Responding to the latest fine BTMU said it is “committed to conducting business with the highest levels of integrity and regulatory compliance, and to continually improving its policies and procedures.”​

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp