Menu Home

BTMU fined – again – by NY DFS

This fine of $315 million is on top of the $250 million previously agreed to, and is a result of BTMU (Bank Tokyo-Mitsubishi UFJ Group) pressuring Price Waterhouse Coopers (PwC) to remove elements from its prior attestation to NY State that would have cast a dimmer view on its behavior.

In addition, the NY Department of Financial Services (DFS) insisted that one employee be fired and that he, and two others working elsewhere in BTMU, be barred from further involvement in the affairs of the NY branch. The hiring of an indepdendent consultant to conduct a program review through March 2015 (with a possible extension of up to September 2016) was also mandated, as was the relocation of the compliance functions to NY.

As the NY DFS doesn't provide any automated way to get its releases, I'm indebted to the FCPA Blog's story on this matter – link below.

Additionally, I've included links to the settlement and BTMU's statement in response to the settlement.

Word to the wise – like the credo for doctors: first do no harm. How much cheaper would it have been for BTMU to fess up in the first place? Much.

Links:

FCPA Blog story

Settlement between NY DFS and BTMU

BTMU Statement

 

Categories: NY DFS updates Sanctions News Settlements

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: