The New York Times’ DealBook reports New York State has slapped a $250 million fine on Bank of Tokyo-Mitsubishi UFJ. The penalty stems from claims that the bank “transferred illicit funds on behalf of Iran and other countries blacklisted from doing business in the United States,” says the report.

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“The bank, which settled the case with New York’s financial regulator, Benjamin M. Lawsky, was accused of routing 28,000 payments worth about $100 billion through its New York branches. To avoid detection, the bank stripped information from wire transfers that could have exposed the identity of the Iranian entities,” says the report.

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