Citi Entangled In Money-Laundering, Fraud Probes

What's Next In Payments®
7:27 AM EDT 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.

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