Japan's Mitsubishi UFJ's US unit gets cease-and-desist order from OCC

Japan's Mitsubishi UFJ's US unit gets cease-and-desist order from OCC

21/9/2021 12:48:00 AM

Japan's Mitsubishi UFJ's US unit gets cease-and-desist order from OCC

The Office of the Comptroller of the Currency (OCC) said on Monday it sent a cease-and-desist order to MUFG Union Bank NA, the US unit of Japan\u0027s Mitsubishi UFJ Financial Group Inc, over the bank\u0027s unsafe technological practices. The OCC found the bank engaged in \u0022unsafe or unsound practices\u0022 related

The Office of the Comptroller of the Currency (OCC) said on Monday it sent a cease-and-desist order to MUFG Union Bank NA, the US unit of Japan's Mitsubishi UFJ Financial Group Inc, over the bank's unsafe technological practices.The OCC found the bank engaged in"unsafe or unsound practices" related to technology and operational risk management. According to the order, the bank was also in noncompliance with certain security standards.

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MUFG has begun"corrective action" and has"committed resources to remediate the deficiencies", the order said.The bank did not immediately respond to a Reuters request for comment.Mitsubishi UFJ is one of the world's biggest banks by assets. Last week, Bloomberg News reported the bank was weighing selling its US banking arm.

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