May

Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry

For years, Citigroup employees feared that millions of dollars the bank was moving to Mexico might be suspicious. Yet in many cases, the bank did not alert regulators or step up its monitoring for money laundering, federal prosecutors said Monday.

Even as the Citigroup unit Banamex USA was growing to dominate remittances from the United States to Mexico, the bank did not properly safeguard its systems from being infiltrated by drug money and other illicit funds, prosecutors said…

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Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry

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