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Banamex USA combined penalties reach $237.4M for Bank Secrecy Act violations

Jaclyn Jaeger | May 30, 2017

The combined penalties paid by Banamex USA following criminal and regulatory investigations for violations of the Bank Secrecy Act and anti-money laundering laws and regulations reached $237.4 million this month.

The final tally came as the Citigroup subsidiary agreed to forfeit $97.4 million and enter into a non-prosecution agreement (NPA) to resolve an investigation into BUSA’s Bank Secrecy Act (BSA) violations. In its agreement with the Department of Justice, BUSA admitted to criminal violations by willfully failing to maintain an effective anti-money laundering (AML) compliance program with appropriate policies, procedures, and controls to guard against money laundering and willfully failing to file Suspicious Activity Reports (SARs).

Admissions contained in the NPA stated that, from at least 2007 until at least 2012, BUSA processed more than 30 million remittance transactions to Mexico... To get the full story, subscribe now.