SEC probing Citigroup over Mexican affiliate

Citigroup and Banamex are under fire from the Securities and Exchange Commission for money laundering

Citigroup — the third largest bank in the U.S. by assets, according to Reuters, is currently being probed by a federal grand jury. The probe is spurred by Citigroup’s and its affiliate Banamex USA’s compliance with the U.S. Bank Secrecy Act including money laundering.

Banamex is Citigroup’s Mexican unit and is responsible for operating the company’s largest consumer bank outside the U.S. It is now under scrutiny for money transfers that were made under the auspices of Citigroup across the Mexican border which are now the focus of a criminal investigation. 

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Juliana Kenny

Juliana Kenny is a contributor to, covering a range of topics including patent litigation, conflict mineral laws, executive compensation, and antitrust regulation. Juliana earned B.A.s...

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