The Financial Services Agency (FSA) has issued business improvement orders to Mitsubishi UFJ Financial Group (NYSE:MUFG), MUFG Bank, and Mitsubishi UFJ Morgan Stanley Securities Co. (MUMSS) following recommendations from Japan’s Securities and Exchange Surveillance Commission.
The actions come after findings of improper customer information sharing and violations of securities service prohibitions in their banking-securities collaborative business.
MUFG has acknowledged deficiencies in its management systems and is committed to strengthening internal control systems and legal compliance measures to prevent future incidents.
The company plans to submit business improvement plans to the FSA and will announce updates accordingly.