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Just another bank and another fine

November 19th, 2014

And they only lied while they were confessing!

Bank of Tokyo-Mitsubishi to pay $315 million over whitewashed report | Reuters.

Bank of Tokyo-Mitsubishi UFJ has agreed to pay $315 million to New York’s banking regulator for submitting a whitewashed report about its improper handling of transactions involving countries subject to U.S. sanctions, the regulator said on Tuesday.

The report formed the basis for a $250 million settlement the bank reached last year with New York’s Department of Financial Services (DFS) for stripping information from wires that would have helped authorities police transactions involving Iran, Burma and Myanmar from 2002 to 2007.

And let’s not forget that minor set of ticket clippers – the international audit firms. The Reuters story noted:

PricewaterhouseCoopers (PwC), which produced the 2008 report for the bank, agreed in August to pay $25 million and refrain from certain work in New York for two years after the regulator accused the consulting firm of altering its findings under pressure from bank lawyers and executives.

A Bank of Tokyo-Mitsubishi statement on Tuesday said the bank settled “to resolve issues relating to instructions” given to PwC and “disclosures made” to the New York regulator in connection with its voluntary investigation.

And if you believe this statement from a banker you would believe anything:

The bank said it was committed to doing business with “the highest levels of integrity and regulatory compliance.”

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