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Digital Identity, Security & Online Fraud

MUFG Bank enters into Consent Order with the OCC

Monday 25 February 2019 | 11:40 AM CET

MUFG Bank has entered into a Consent Order with the US-based Office of the Comptroller of the Currency (OCC) relating some deficiencies identified by the OCC.

These deficiencies were found in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program of MUFG Bank’s branches in New York, Los Angeles, and Chicago. The Consent Order follows the OCC’s examination of MUFG Bank’s US-based branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance.

However, the Order does not identify any illegal transactions, including violations of OFAC regulations, nor does it impose any monetary penalty. The OCC has admitted that MUFG Bank made improvements to its branches’ BSA/AML compliance program prior to entering into the Consent Order.

More: Link
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