CITIBANK JAPAN CENSURED OVER WEAK ANTI-MONEY LAUNDERING CONTROLS
August 1st, 2009
BY JULIAN RYALL
CITIBANK Japan Ltd. restarted sales activities at its retail banking division on August 14, after the Japanese Financial Services Agency ordered sales be halted for one month because the bank had failed to maintain required standards to control money laundering.
Japanese authorities imposed the ban on advertising, sales campaigns and solicitation of clients after determining that Citibank Japan had enabled members of organised crime syndicates to open several hundred accounts.
The bank was also ordered to "fundamentally review and ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.