Mitsubishi UFJ Financial Group's main banking unit has shifted its global headquarters for financial crimes compliance to New York from Tokyo, as it steps up its drive to combat illegal transactions, according to people familiar with the matter.
A team of 1,350 staff led by William Langford in the New York headquarters and Hiroshi Ikebe in Tokyo will work to strengthen the bank’s efforts to prevent activities such as terrorism financing, money laundering, and sanctions violations.
MUFG was fined by the New York State Department of Financial Services in 2013 for processing transactions linked to countries subject to sanctions including Iran and Sudan between 2002 and 2007. In a second consent order from the DFS a year later, the bank was ordered to relocate certain financial crime functions to the U.S.
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