MUFG Bank has entered a consent order with the US Office of the Comptroller of the Currency (OCC) to improve its AML compliance.
The agreement was made after the OCC identified deficiencies in the Japanese bank’s compliance processes related to the Bank Secrecy Act/Anti-Money Laundering. Its New York, Los Angeles and Chicago branches were branches at fault.
A consent order was made as a result of an examination into the bank for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. No illegal transactions were identified by the order and no monetary penalties were enforced.
The OCC has acknowledged improvements made by MUFG to its US branches’ compliance efforts in the lead up to the consent order – additional improvements are also being made.
MUFG is determined to meet all the necessary changes made through the order and enhance its compliance, it said.
Over recent years, MUFG has made a number of efforts to improve its compliance protocols. This includes the establishment of a Global Financial Crimes Division headquartered in New York, which oversees the bank’s financial crimes compliance such as BSA/AML compliance, OFAC sanctions compliance, and anti-corruption compliance across MUFG Bank’s worldwide operations.
Last week, The European Banking Authority (EBA) opened an investigation into a breach of Union law by the Estonian Financial Services Authority and the Danish Financial Services Authority. This alleged breach was in relation to the money laundering activities linked to Danske Bank.
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