• SHARE

BEIJING (Kyodo) China’s central bank has fined Bank of Tokyo-Mitsubishi UFJ’s branch in Shenzhen 1.2 million yuan (about 18 million yen) over money-laundering problems, a Chinese business daily reported Wednesday.

The People’s Bank of China’s Shenzhen office “carried out punishments according to law,” the China Business News said without elaborating.

A source confirmed the central bank has fined the Japanese bank and said the Japanese bank has been blamed for failing to report suspicious incidents that occurred sometime before last year.