BTM singled out by board for weak AML processes
The Federal Reserve Board and the New York State Banking Department has issued a joint cease-and-desist order declaring that the Bank of Tokyo-Mitsubishi UFJ (BTM), and some of its US operations, has inadequate anti-money laundering and Bank Secrecy Act compliance programmes.
BTM and its New York branch has agreed, without admitting or denying the allegations, to implement new compliance infrastructure, as well as written procedures to adhere to the Bank Secrecy Act and bolster anti-money laundering efforts.
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