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 Business News | September 2007 
UnionBanCal to Pay $31 Million to Settle Charges it Failed to Take Effective Steps Against Money Laundering
 Associated Press
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San Francisco, CA - San Francisco-based UnionBanCal will pay more than $31 million to settle charges that it failed to take effective measures to prevent money laundering.
A statement from the bank - which operates Union Bank of California - says it will pay more than $21 million to settle forfeiture claims by the U.S. Department of Justice.
UnionBanCal will pay an additional ten million dollars in civil penalties to banking regulators.
The bank acknowledges that transactions conducted between May 2003 and April 2004 through some accounts held by Mexican financial institutions were thought to be linked to drug trafficking.
UnionBanCal is a subsidiary of Japanese banking giant Mitsubishi UFJ Financial Group. |
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