Summary Department of Financial Services says bank employees pressured a consultant to remove warnings
ALBANY, New York (AP) - 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 totaling 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.
