ALBANY, N.Y. – New York regulators say Bank of Tokyo Mitsubishi UFJ will pay $315 million and some employees are being sanctioned for misleading the state about bank transactions that violated U.S. economic sanctions against several countries, including Iran, Sudan and Myanmar.
The state’s Department of Financial Services says bank employees pressured a consultant, PricewaterhouseCoopers, to remove 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 over how it handled about 28,000 U.S. dollar transactions totalling about $100 billion.
Two former bank compliance employees are banned from business involving any New York-regulated bank. A third sanctioned employee resigned.
Calls to the bank were not immediately returned.