Citi Entangled In Money-Laundering, Fraud Probes

What's Next In Payments®
7:27 AM EST March 10th, 2014

04 March 2014

One of Citigroup’s banking affiliates, Banamex USA, is being hit by twin inquires related to fraud and money-laundering regulation compliance.

Banamex, which provides banking services to communities in the United States and Mexico, recently revealed in SEC filings that it had been defrauded for over $400 million, The New York Times reported on March 3.

Citi received a grand jury subpoena in Massachusetts related to its anti-money laundering programs, but according to the Times, the company did not elaborate on the contents of the subpoena.

The $400 million fraud stems from services provided to an oil services company based in Mexico.

Discover recently found itself the target of an inquiry into issues related to its anti-money laundering efforts. Learn more about this development by clicking here.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

Comments
Also by This Author
What's Hot
Merchant Innovation
“Shazam for Fashion” Launches Stylist App
News
Samsung’s Double-Barrel Galaxy S6 Launch
News
Consumers Go Mobile For Smart-Device Research
Merchant Innovation
Will Half Of All Americans Be Amazon Prime Customers By 2020
View All Articles ››
You May Also Like
International
Gov. Probes Citigroup About Money Laundering
International
Visa Adds Global M-Payments Partners
International
McDonald’s Tests Mobile Messaging Coupons
International
Barclays Brings Pay-By-Tweet To UK Banking
View All Articles ››