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Banamex USA Fined $140M for AML Violations

Jaclyn Jaeger | July 22, 2015

The Federal Deposit Insurance Corporation today imposed a civil penalty of $140 million against Banamex USA for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. The penalty was imposed the same day that Citigroup, which purchased Mexico-based Banamex in 2001, said it would be shutting down the Banamex USA unit this year.

In a concurrent action, the California Department of Business Oversight (CDBO) assessed a civil money penalty of $40 million. The FDIC’s penalty of $140 million will be satisfied in part by the CDBO’s penalty.

As Compliance Week previously reported, Citigroup said in an annual filing with the Securities and Exchange Commission in February that it was under investigation by the Financial Crimes Enforcement Network and the CDBO...

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