TOKYO--(BUSINESS WIRE)--The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (“MUFG”), announced today that it and its New York Branch entered into a Stipulation and Consent to the Issuance of a Consent Order with the U.S. Office of the Comptroller of the Currency (“OCC”) on November 9, 2017. Under the Stipulation and Consent, BTMU stipulates to the entry by the OCC of a Consent Order that includes remedial terms and conditions that are substantively the same as those included in the consent agreements that BTMU and BTMU’s New York Branch had reached with the New York State Department of Financial Services (“DFS”) on June 20, 2013 and November 18, 2014. This Consent Order will enable the OCC to supervise BTMU’s plans to enhance its internal controls and compliance program relating to Office of Foreign Assets Control (“OFAC”) sanctions requirements.
BTMU executed this Stipulation and Consent with the OCC two days after converting its U.S. Branches and Agencies from state-licensed branches and agencies under the supervision of state regulatory agencies to federally licensed branches and agencies under the supervision of the OCC. With branches and agencies in four different states, BTMU sought this conversion as part of a larger effort to consolidate its U.S. banking operations under federal supervision. The conversion to OCC supervision became effective on November 7, 2017.
MUFG intends to complete the remediation work currently underway to enhance its internal controls and compliance program, and is committed to achieving the highest standards of integrity and regulatory compliance in its business operations.