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This page reports the Securities and Exchange Surveillance Commission's recommendation based on an inspection of Musashino Bank. The inspection found that the bank inappropriately guided customers to structured bond purchases without confirming customer attributes during financial product intermediary operations with Chiba Bank's subsidiary. Problems identified include insufficient internal control systems, inadequate training oversight biased toward structured bonds, failure to analyze customer complaints despite numerous grievances, and incomplete monitoring of customer communications. Management failed to recognize these issues and employees were incentivized to exceed explanation requirements to achieve revenue targets.
