UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations
The UK's Prudential Regulation Authority has hit Mitsubishi UFJ Financial Group with fines after parts of the bank fell "significantly short" of regulators' expectations.
In a release published today (February 9), the PRA said it had imposed a fine of £17.9 million ($22.4 million) on Bank of Tokyo-Mitsubishi UFJ after the entity failed to inform the UK regulator of action being taken against it by the New York Department of Financial Services.
Bank of Tokyo-Mitsubishi UFJ, and its sister
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