Japanese Bank to Pay NY $250M in Laundering Case

ALBANY (AP) -

The Bank of Tokyo Mitsubishi-UFJ Ltd. will pay $250 million to the state of New York for laundering billions of dollars in transactions that violated economic sanctions against countries including Iran, Sudan, and Myanmar, New York financial regulators said Thursday.

The state’s Department of Financial Services said the bank agreed to the fine and a year of special monitoring for handling the 28,000 U.S. dollar transactions totaling about $100 billion through its New York operation between 2002 and 2007.

BTMU employees routinely removed information from wire transfer messages that could have identified the government and business entities involved as targets of sanctions, the department said.

BTMU, Japan’s largest bank by assets, said Thursday it reported the violations to its regulators and stopped the practice in 2007.