Cit­i­group af­fil­i­ate to for­feit US$97m

New Straits Times - - Business -

WASH­ING­TON: Banamex, the Mex­i­can af­fil­i­ate of United States bank­ing giant Cit­i­group, will for­feit US$97.4 mil­lion (RM418.3 mil­lion) af­ter ad­mit­ting to hav­ing a weak anti-money laun­der­ing pro­gramme, the US Jus­tice De­part­ment an­nounced on Mon­day. The penalty re­solves a crim­i­nal probe af­ter in­ves­ti­ga­tors found that from 2007 through 2012, Banamex con­ducted fewer than 10 in­ves­ti­ga­tions on more than 18,000 alerts in­volv­ing US$142 mil­lion in po­ten­tially sus­pi­cious trans­ac­tions.

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