CITIGROUP TO PAY MILLIONS TO RESOLVE MEXICAN SUBSIDIARY MONEY LAUNDERING ALLEGATIONS
May 1st, 2017
CITIGROUP will pay a penalty of USD97.44 million to resolve an anti-money laundering investigation by the USA department of justice into alleged suspicious payments to Mexico by a now-defunct American branch of its Mexican subsidiary Banamex. Incorporated as Banamex USA, this arm of Citigroup (still in legal existence) has entered into a non-prosecution agreement regarding Bank Secrecy Act (BSA) violations. The Los Angeles-based bank, which ceased banking in 2015, has admitted it broke the law by willfully failing to maintain an effective anti-money laundering ...
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