Repeated Compliance Failures at Union Bank of California Could Mean More Fines, Regulatory Scrutiny

By Brian Monroe

UPDATED Facing regulatory sanctions for continued compliance deficiencies, Union Bank of California has created the new position of chief risk officer responsible for overseeing anti-money laundering and risk compliance reporting companywide. The San Francisco-based bank said in a statement Wednesday that parent UnionBanCal Corp.'s vice chairman Masashi Oka will assume the new role. The move is the second major shift in leadership this year at UnionBanCal, which said in July that it could soon be hit with a civil money penalty by U.S. regulators. UnionBanCal Corp. is mostly owned by Bank of Tokyo-Mitsubishi UFJ Financial Group Inc. Bank of Tokyo-Mitsubishi...