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Bank of Tokyo-Mitsubishi fined $315m
November 19th, 2014
 
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Bank of Tokyo-Mitsubishi (BTMU) has been fined $315m (£200m) by US authorities for watering down a report about transactions involving Iran and other sanctioned countries.
Key warnings were removed from the report by PricewaterhouseCoopers (PwC), due to pressure from BTMU employees, New York State regulators found.
One BTMU employee resigned following the investigation.
Two others were banned from working with any New York banks.
"It is clear that we - as a regulatory community - must work aggressively to reform the cozy relationship between banks and consultants, which far too often has resulted in shoddy work that sweeps wrongdoing under the rug," said Benjamin Lawsky, New York's superintendent of financial services.
PricewaterhouseCoopers, which prepared the report, found that BTMU had been telling employees to remove information from messages that would have triggered compliance alerts.

BBC News.Retrieved from: http://www.bbc.com/news/business-30107007