MUFG Penalized by Japan’s Regulator for Client Info Breach (1)

Japan’s financial regulator penalized <-bsp-bb-link state="{"bbHref":"bbg://securities/8306%20JP%20Equity","_id":"00000190-48ac-d497-a7fb-ecad406b0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Mitsubishi UFJ Financial Group Inc.’s flagship banking unit and two joint ventures for violating client confidentiality rules, potentially dealing a further blow to their business.

The Financial Services Agency ordered <-bsp-bb-link state="{"bbHref":"bbg://securities/8315%20JP%20Equity","_id":"00000190-48ac-d497-a7fb-ecad406d0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">MUFG Bank Ltd., <-bsp-bb-link state="{"bbHref":"bbg://securities/1188Z%20JP%20Equity","_id":"00000190-48ac-d497-a7fb-ecad406d0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Morgan Stanley MUFG Securities Co. and <-rte-company state="{"_id":"00000190-48ac-d497-a7fb-ecad406d0002","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">Mitsubishi UFJ Morgan Stanley Securities Co. to improve their operations. The FSA also asked for reports by July 24 on the cause of the breach and planned measures to prevent a recurrence.

The scandal has shaken confidence in the country’s largest banking group, causing some clients to take <-bsp-bb-link state="{"bbDocId":"SF7DXST0G1KW","_id":"00000190-48ac-d497-a7fb-ecad406e0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">bond underwriting business elsewhere. Japan forbids commercial ...