Watchdog accuses MUFG bank of sharing info with brokerage affiliates

I use MUFG's credit card but I don't like them.

Good to know.

I use MUFG's credit card but I don't like them.

Corruption? In Japan?

No.... no way...

Big corps to comply with law and care about their customers? In Japan? lol.

Expect some light bowing and back to business.

I don't think this is too much out of the ordinary around the world. I've been threatened with being debanked in HK if I didn't consent to...the bank access to foreign accounts (apparently, anti money laundering laws lol), similarly New Zealand banks also want to know the minutia of my farm income in NZ despite it not being commercially farmed and I only receive agistment (rent) fees.

It's over the top, but as they see themselves as masters of the universe, there's no stopping them.

"" MUFG Bank also is accused of telling business customers they would only be extended financing on the condition they work with the brokerages, according to the source. ""

Yup. this is so bad it really STINKS.

This is NO NEWS at all, it is well known that Banks share their customers data with Insurance and stock brokerages affiliates for sales activities, basically it's a Black Mailing operation and most customer go along with it.

No new loans, No old loan rescheduling, NO low rates, No credit favors unless you take that phone call from the Brokerage.

Another scams are the so called Loan Guarantee Businesses and Insurance companies, they also black mail and scam customers based on data provided by the customer banks, it's like a net work of Thieves.

The parent company was ordered to strengthen oversight of SMBC Nikko, with the brokerage forced to suspend part of its operations for three months.

As usual corporate crime pays as the punishments are nominal and gains substantial.