Mitsubishi UFJ Faces Sanctions in U.S., Source Says By REUTERS Published: December 5, 2006 Filed at 8:41 p.m. ET Skip to next paragraph TOKYO ( Reuters) - U.S. financial authorities will likely take disciplinary action against Japan's Mitsubishi UFJ Financial Group (MUFG) (8306.T) for slack monitoring of suspected money laundering, a source close to the matter said on Wednesday. The punishment will likely be handed out to Japan's biggest bank some time this month, the source said. The Nihon Keizai business daily said on Wednesday the Federal Reserve Board and other authorities believe MUFG was lax in reporting suspicious money transfers and account openings at the New York branch of the Bank of Tokyo-Mitsubishi UFJ and at the Bank of Tokyo-Mitsubishi UFJ Trust Co., also based in New York. A spokesman for the financial group declined to comment. The branch and trust unit will likely be slapped with a business improvement order and fines, as well as forced to submit fund transfer records for the past few years, but operations will not be suspended, the newspaper said. http://www.nytimes.com/reuters/business/business-mitsubishiufj-laundering.html?_r=1&oref=slogin