The Office of the Comptroller of the Currency (OCC) announced a cease-and-desist order against the New York, Chicago and Los Angeles federal branches of MUFG Bank, Ltd., Tokyo, Japan, for violating the Bank Secrecy Act (BSA) and its underlying regulations.
The order stems originally from penalties brought in 2013 and 2014 by the New York Department of Financial Services against branches for BSA violations. The consent order issued by the OCC said it found those deficiencies, and others, at the bank dating back to 2016.
Read on for more details of what examiners found.
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