Sumitomo Mitsui Trust Holdings (TYO:8309) said the Securities and Exchange Surveillance Commission has filed a criminal complaint with the Tokyo District Public Prosecutors Office against a former employee of its banking unit for alleged insider trading, according to a Monday filing on the Tokyo Stock Exchange.
The bank dismissed the employee and has been cooperating with the investigation. An independent committee, including external directors and legal counsel, is reviewing the case and evaluating internal controls.
The company has tightened trade monitoring, enhanced insider information controls, and introduced mandatory employee training.
The Financial Services Agency has also ordered the bank to submit reports under the Banking Act.
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