MUFG Bank fined $1.75m for info management lapses

Sister firm MUMSS was separately fined $1.4m.

MUFG Bank has been fined over $1.75m (JPY250m) due to earlier issues in its information management and monitoring systems.

MUFG Bank’s sister company Mitsubishi UFJ Morgan Stanley Securities (MUMSS) was also fined $1.4m (JPY200m).

Both companies are recommended to “steadily implement effective business improvement plans.”

Amongst breaches include inappropriately sharing customer information between MUFG Bank and MUMSS, according to earlier reports.

On 14 June 2024, Japan’s Securities and Exchange Surveillance Commission (SESC) recommended that the prime minister and the Commissioner of the Financial Services Agency (FSA) take administrative action against MUFG Bank and the Mitsubishi UFJ Morgan Stanley Securities (MUMSS).

The FSA recommended administrative action on 24 June.

MUFG apologized for the incidents.

"We sincerely apologize again for the inconvenience and concern this is causing our customers and other stakeholders,” MUFG said in a statement on its website published on 18 September.

MUFG said that it takes the incidents “very seriously” and will strive to restore trust by steadily implementing the remediation measures to prevent recurrence.

(US$1 = JPY142.18; data as of 20 September 2024, 12:57PM)