The Japan Securities Regulatory Authority stated that Mitsubishi UFJ Financial Group had repeatedly breached the firewalls between various departments of banks and violated customer confidentiality regulations. The Securities Trading Supervisory Commission stated that Mitsubishi UFJ Bank Co., Ltd., Morgan Stanley MUFG Securities Co., Ltd., and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. exchanged information at least ten times to win business, and called for punishment against the group. The commercial and investment banking departments of the same financial conglomerate were banned from sharing customer data, partially to prevent lenders from abusing their negotiating positions. The Japanese banking industry has been lobbying for the relaxation of firewalls for many years, claiming that firewalls hinder merger consulting and business continuity plans.
三菱日联金融集团因违反客户保密规定面临处罚
Mitsubishi UFJ Financial Group faces punishment for violating customer confidentiality rules.
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