Name: Bank of Tokyo Mitsubishi Ufj, Ltd
Address: 1251 Avenue of the Americas, New York, NY, 10020-1104, USA
Telephone: (212) 766-3400

Business Profile

Bank

Bank of Tokyo Mitsubishi Ufj, Ltd

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(212) 766-3400

About This Business

Products and Services

On November 18, 2014, the New York Department of Financial Services (DFS) announced an enforcement action – including an additional $315 million monetary penalty, and disciplinary action for individual Bank employees – against Bank of Tokyo Mitsubishi UFJ (BTMU) for misleading regulators regarding its transactions with Iran, Sudan, Myanmar, and other sanctioned entities. A year-long New York State Department of Financial Services (DFS) investigation uncovered that BTMU employees pressured the Bank's consultant, PricewaterhouseCoopers (PwC), into removing key warnings to regulators in a supposedly "objective" report that the Bank submitted to DFS. That report related to the extent of BTMU’s illicit conduct on behalf of those sanctioned countries and entities. The Superintendent of DFS, Benjamin Lawsky, said that BTMU employees pressured PwC into watering down a supposedly objective report on the Bank's dealings with Iran and other sanctioned countries, thereby misleading regulators. Under the most recent DFS order, BTMU will pay an additional $315 million monetary penalty – beyond a $250 million penalty BTMU paid in a previous June 2013 DFS agreement over its sanctioned transactions. As such, the total monetary penalty that BTMU has paid in this case is $565 million. Additionally, at the direction of DFS, the Bank will also take disciplinary action against individual BTMU compliance personnel involved in the watering down of the PwC report.

Business Details

Local BBB:: BBB Serving Metropolitan New York
BBB File Opened:: 1/1/2001
Business Started:: 1/1/1946
Alternate Names:: Bank of Tokyo Trust Co.
Business Management:: Mr. Koretsugu Kodama, Chairman & CEO

Additional Contact Information

Principal Contacts: Mr. Koretsugu Kodama, Chairman & CEO

Additional Information

Business Categories: Bank

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Bank of Tokyo Mitsubishi Ufj, Ltd is NOT a BBB Accredited Business.

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