LONDON Feb 9 The Bank of England said it has
fined Bank of Tokyo-Mitsubishi UFJ Limited (BTMU) 17.85 million
pounds ($22.44 million), and MUFG Securities EMEA PLC 8.9
million pounds for failing to be open with the regulator about
U.S. enforcement action.
The BoE's Prudential Regulation Authority, which regulates
banks in Britain, said the two banks - both part of Mitsubishi
UFJ Financial Group - failed to be open and
cooperative with the watchdog in relation to an enforcement
action into BTMU by the New York Department of Financial
The Bank of Tokyo-Mitsubishi UFJ was fined $315 million in
2014 for pressuring its consultant to water down a supposedly
objective report on BTMU's dealings with sanctioned countries,
submitted to DFS, thereby misleading regulators, the PRA said in
The DFS enforcement action also had implications for the
then Chair of MUFG Securities, it added.
The two banks did not inform the PRA of the DFS action until
after the DFS' public announcement.
"BTMU's inadequate systems and controls for the
communication of relevant information contributed to this
failure to be open with the PRA," the watchdog said.
($1 = 0.7955 pounds)
(Reporting by Huw Jones,; Editing by Rachel Armstrong)