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News Summary: Japan bank to pay $250M to NY State

The Associated Press

EXPENSIVE LAUNDRY: The Bank of Tokyo Mitsubishi-UFJ Ltd. will pay $250 million to the state of New York for laundering billions of dollars in transactions that violated economic sanctions against countries including Iran, Sudan, and Myanmar, New York financial regulators said.

THE CHARGES: The state's Department of Financial Services said the bank agreed to the fine and a year of special monitoring for handling the 28,000 U.S. dollar transactions totaling about $100 billion through its New York operation between 2002 and 2007.

REPORTED ITSELF: The bank said Thursday it reported the violations to its regulators and stopped the practice in 2007. It said it will continue to cooperate with regulators.