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Citigroup Probe Over AML Violations Widens

Jaclyn Jaeger | February 27, 2015

Problems for banking giant Citigroup continue to worsen.

Citigroup disclosed this week in its annual filing with the Securities and Exchange Commission that it’s now under investigation by the Financial Crimes Enforcement Network and the California Department of Business Oversight for potential Bank Secrecy Act (BSA) and anti-money laundering (AML) violations at its Banamex USA unit, which is an affiliate of Mexico-based Banamex, purchased by Citigroup in 2001.

As Compliance Week previously reported, the disclosure comes one year after Citigroup revealed that it had received a grand jury subpoena issued by the U.S. Attorney’s Office for the District of Massachusetts concerning “policies, procedures and activities related to...

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