BREAKING NEWS

BREAKING NEWS

U.S. bank regulator reprimands Japan's MUFG over money-laundering lapses

U.S. bank regulator reprimands Japan's MUFG over money-laundering lapses
FILE PHOTO: Joseph M. Otting speaks after being sworn in as Comptroller of the Currency in Washington, U.S., November 27, 2017. REUTERS/Joshua Roberts/File Photo/File Photo -
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Joshua Roberts(Reuters)
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By Katanga Johnson

WASHINGTON (Reuters) - The U.S. Office of the Comptroller of the Currency (OCC) said on Friday it had reprimanded MUFG Bank, Ltd. for lapses in its anti money-laundering controls and other compliance issues at its New York, Chicago and Los Angeles branches.

The Tokyo-based bank did not accept or deny the charges dating back to 2016. The bank has agreed "to take comprehensive corrective actions to improve their...compliance program," the OCC said in a statement.

MUFG Bank said in a statement on Friday it has made investments to complete the OCC's remediation, including the establishment of a division to oversee all global financial crimes compliance.

(Reporting by Katanga Johnson; Editing by Michelle Price, Chizu Nomiyama and Chris Reese)

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