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Bank of Tokyo-Mitsubishi UFJ agrees to settle violation of OFAC regulations

The Bank of Tokyo-Mitsubishi UFJ (BTMU) has agreed to pay a fine of $8.6m to the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury to settle potential civil liability charges.

The Japan based firm carried out a self initiated internal investigation in 2007 of transactions involving countries subject to US sanctions.

During the probe, some of the transactions performed by the lender were found to be clear violation of OFAC’s regulations from 2006 to 2007.

Both parties reached the aforesaid settlement with the bank agreeing to implement necessary policies and procedures to avoid reoccurrence of such incidents.

OFAC has acknowledged the bank’s corrective measures, initiated to improve its operations management framework, the lender said.

The US agency has also inked a similar settlement of $132m with StanChart for violating US sanctions against certain countries, including Iran, Myanmar, Libya and Sudan.