Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Citigroup to Close Banamex for Money Laundering Violation, Pay $180 Million in Fines

Posted by William Byrnes on July 27, 2015


… In taking the action against Citigroup, the FDIC determined that the bank failed to implement an effective BSA/AML 640px-FdicLogoCompliance Program for Banamex over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.

Read the complete story and links to orders here.

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