Mitsubishi UFJ Financial Group has been heavily fined by a British financial watchdog for poor communication, following a punishment in the U.S.
Japan's Mitsubishi UFJ Financial Group (MUFG) said in a press release that two of its units have agreed to pay a $33.59 million fine to the British financial watchdog as they failed to tell it they had been fined by U.S. banking authorities.
In 2014, the Bank of Tokyo-Mitsubishi UFJ, one of the units, agreed with the New York Department of Financial Services to pay a fine for transactions with countries subject to economic sanctions imposed by the United States, such as Iran.
But the bank and MUFG Securities EMEA, a subsidiary of MUFG, did not inform the Bank of England's (BOE) Prudential Regulation Authority of the action before the U.S. authorities announced it publicly, the BOE said in a statement.
