MUFG Bank, Affiliates May Be Penalized over Client Info Sharing
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2024/05/megabank-P1.jpg)
The logo of MUFG Bank
18:09 JST, June 7, 2024
Tokyo, June 7 (Jiji Press) — Japan’s Securities and Exchange Surveillance Commission is thinking about recommending administrative punishment against MUFG Bank and two related securities companies over their handling of customer information, informed sources said Friday.
The securities watchdog believes that customer information was shared between MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities Co. and Morgan Stanley MUFG Securities Co., which are all under the umbrella of Mitsubishi UFJ Financial Group Inc., without the consent of the customers, according to the sources.
If the commission recommends that the Financial Services Agency impose administrative penalties, the FSA will consider the matter.
The financial instruments and exchange act bans banks and securities firms within the same financial group from sharing undisclosed information about clients without obtaining their permission, a measure known as the firewall regulation.
In 2022, the commission advised the FSA to take administrative action against SMBC Nikko Securities Inc. and Sumitomo Mitsui Banking Corp., which are both part of the Sumitomo Mitsui Financial Group Inc. group, for breaching the firewall regulation. The FSA later imposed administrative punishment.
On the alleged firewall regulation violation at the Mitsubishi UFJ group, finance minister Shunichi Suzuki told a press conference on Friday he is sure the commission will handle the matter appropriately.
“I believe that an announcement on the outcome (of the commission’s examination) will be made in due course,” he said.
"Business" POPULAR ARTICLE
-
Drunk Captain Causes Japan Airline to Cancel Flight from Dallas to Haneda; JAL Issues Drinking Ban for Staff Rest Times
-
Japanese Companies Help Build Metro Lines Overseas; JR East And Others Share More Than A Century’s Worth Of Knowledge
-
Megabanks Mitsubishi UFJ, Sumitomo Mitsui Introduce Employee Stock Compensation; Plans to Boost Motivation, Leadership
-
SkyDrive Gives up on Offering Flying Car Rides at Osaka Expo; Startup Decides to Perform Only Demonstration Flights
-
Leaders of 3 Top Japanese Automakers Offer Apologies in Brewing Scandal over Vehicle Certification; Dealers, Customers Fret over Suspended Shipments of Certain Models
JN ACCESS RANKING