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Banking Department and FDIC Lift Order Against Bank of Tokyo-Mitsubishi UFJ Trust Company
Bank of Tokyo-Mitsubishi UFJ Trust Company Meets Required Anti-Money Laundering and Bank Secrecy Act Standards
The New York State Banking Department and the Federal Deposit Insurance Corporation (FDIC) today announced the lifting of a 2006 order to cease and desist issued upon consent with Bank of Tokyo-Mitsubishi UFJ Trust Company.
The order was entered into due to identified weaknesses in the bank's Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance program. The order was lifted upon determination that the Bank of Tokyo-Mitsubishi UFJ Trust Company had addressed the issues.
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The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State's mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
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