MUFG Ordered by U.S. to Remedy Anti-Money Laundering Lapses (1)

Mitsubishi UFJ Financial Group Inc. was ordered to fix deficiencies in its compliance with anti-money laundering and bank secrecy rules at its U.S. branches.

Japan’s biggest bank failed to file timely reports relating to suspicious activity of customers, the U.S. Office of the Comptroller of the Currency found. It ordered MUFG to develop a written action plan detailing remedial actions for the three branches to comply with the law, according to a consent order dated Feb. 21.

The OCC has been examining MUFG’s compliance with the Bank Secrecy Act and anti-money laundering rules since the lender controversially changed oversight from ...