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TOKYO (AP) -- UnionBanCal Corp., a subsidiary of Japanese banking giant Mitsubishi UFJ Financial Group Inc., said Tuesday it will pay U.S. authorities a fine of US$31.6 million for failing to implement effective anti-money laundering measures. The San Francisco-based bank, which operates Union Bank of California, will pay US$21.6 million to settle forfeiture claims by the U.S. Department of Justice, and a further US$10 million in civil penalties to a U.S. banking regulator, according to a UnionBanCal statement. Transactions conducted between May 2003 and April 2004 through certain UnionBanCal accounts held by Mexican financial institutions were thought to be linked to drug trafficking, according to the bank. UnionBanCal "will continue to work with our regulators to ensure that our focus on compliance is effective, sustainable and responsive so that failures of this kind are not repeated in the future," Masaaki Tanaka, the bank's president and CEO, was quoted as saying in the statement.
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