News Summary: Mob links prompt bank inspections


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(AP) - BANK INSPECTION: Japan's Financial Services Agency plans inspections of the country's biggest banks after finding loans linked to organized crime at No. 2 lender Mizuho.

THE TARGETS: The regulator said in a notice that it will inspect Bank of Tokyo-Mitsubishi UFJ, the country's No. 1 bank by assets, Mizuho Financial Group and No. 3 bank Sumitomo Mitsui Bank.

AT ISSUE: The inspections, to be carried out next week, will focus on compliance and risk management. The move comes after Mizuho's announcement that the chairman of its banking business resigned and top executives will have pay docked over more than 200 million yen ($2 million) in loans to organized crime.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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