Citigroup unit probed by more authorities over money laundering
Reuters
Published Feb 25, 2015 06:10PM ET
Updated Feb 25, 2015 06:20PM ET
Citigroup unit probed by more authorities over money laundering
NEW YORK (Reuters) - Citigroup Inc (N:C) said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit.
The Financial Crimes Enforcement Network, a unit of the U.S. Treasury, and the California Department of Business Oversight have asked the company for information on its compliance with the Bank Secrecy Act and anti-money laundering rules, Citigroup disclosed in an annual filing with the U.S. Securities and Exchange Commission on Wednesday.
The disclosure comes one year after Citigroup revealed a criminal probe by a federal grand jury in Massachusetts and inquiries from the U.S. Federal Deposit Insurance Corp into the matter.
Citigroup said it is cooperating with the investigations.
Banamex USA is an affiliate ofMexico City-based Banamex, which Citigroup bought in 2001 and which operates a few branches in the United States.
The filing on Wednesday also showed that Citigroup has reduced its estimate of possible unreserved legal costs to $4 billion from $5 billion at the end of September.
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Written By: Reuters
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