TOKYO Dec 13 Japan's Mitsubishi UFJ Financial
Group Inc (MUFG) said it will pay $8.6 million to U.S.
regulators as a settlement for transactions that could be seen
as violations of U.S. sanctions against Iran and Myanmar.
MUFG said its core commercial bank, Bank of Tokyo-Mitsubishi
UFJ (BTMU), conducted money transfer and other transactions with
clients related to Iran, Myanmar, Sudan and Cuba between 2006
The bank said it had no knowledge at the time that such
transactions could be violating U.S. sanctions as the
transactions were done with the clients' bank accounts in
countries not targeted by the U.S. sanctions, including the
United States. The transactions totaled 97 cases and $5.9
MUFG, Japan's biggest bank, said it held a series of
consultations with U.S. regulatory body, the Office of Foreign
Assets Control (OFAC) about the transactions.
"Some of the transactions reported by BTMU were determined
to be apparent violations of the OFAC regulations," it said in a
Standard Chartered Plc agreed to pay $327 million
to resolve allegations that it violated U.S. sanctions, on top
of a $340 million fine in August on Iranian sanctions