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UnionBanCal Faces $10 Million Anti-Money Laundering Related Penalty
By Matt Squire
printUnionBanCal Corp., a U.S. subsidiary of Tokyo-Mitsubishi UFJ Financial Group, may receive a civil money penalty and cease-and-desist order for deficiencies in its anti-money laundering compliance program. UnionBanCal established a $10 million reserve to deal with the possible penalty, the San Francisco-based parent of Union Bank of California said in a July 19 statement reporting second-quarter earnings. The Office of the Comptroller of the Currency (OCC) recently notified UnionBanCal that it planned to issue a cease and desist order for alleged deficiencies in the bank's Bank Secrecy Act (BSA) controls, UnionBanCal said in the statement. The bank also was notified...
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