DOJ probes Citigroup Californian subsidiary over reporting lapses

The Department of Justice is investigating a Citigroup (C) unit in California for possibly failing to tell the government about suspicious banking transactions along the U.S.-Mexico border that involved suspected members of drug cartels, the WSJ reports.

Citigroup has already disclosed the probe but didn't provide specifics.

The inquiry into Banamex USA adds to other government investigations into Citigroup following the emergence of a $400M fraud involving the bank's Banamex Mexican unit.

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Comments (2)
  • june1234
    , contributor
    Comments (4412) | Send Message
    $400M worth of reporting lapses. 3 times CITI was fined for doing same thing in Japan. Admit nothing, fine em, till next "lapse". Cartels are customers too, ask HSBC's laundering division
    11 Apr 2014, 06:46 AM Reply Like
  • jvc33
    , contributor
    Comments (13) | Send Message
    Oh, those pesky little bank regulations again. As Jamie says, if you keep hounding the banks, we'll just have to raise our consumer fees.
    11 Apr 2014, 06:55 AM Reply Like
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