Bank of Tokyo to pay New York $315m over Iran sanctions

NEW YORK (REUTERS) - Mitsubishi UFJ Financial Group's Bank of Tokyo-Mitsubishi UFJ agreed to pay New York US$250 million (S$314.5 million) for moving US$100 billion worth of transactions through New York from sanctioned countries, including Iran, Sudan and Myanmar, according to New York Governor Andrew Cuomo.

The bank stripped wire transfer information that could have been used to identify countries and other entities subject to international sanctions between 2002 and 2007, Mr Cuomo said in a statement.