The Straits Times
Published on Dec 13, 2012

Mitsubishi Bank fined for flouting US sanctions


NEW YORK (AFP) - Mitsubishi UFJ, Japan's biggest bank, must pay US authorities a fine totaling some US$8.6 million (S$10.5 million) for flouting US sanctions on Iran, Sudan, Myanmar and Cuba, the US Treasury Department said on Wednesday.

Bank of Tokyo-Mitsubish-UFJ (BTMU) circumvented the sanctions between April 2006 and March 2007, Treasury said in a statement.

"BTMU's Tokyo operations engaged in practices designed to conceal the involvement of countries or persons subject to US sanctions in transactions that BTMU processed through financial institutions in the United States," the US government authority said in its statement.

Washington said the bank's "egregious" conduct "displayed reckless disregard for US sanctions".