Citi could face trouble over emails

A U.S. Justice Department criminal investigation into money-laundering controls at Citigroup’s Banamex USA unit has uncovered potential violations serious enough to merit a fine under the Bank Secrecy Act, according to people familiar with the probe.

Bloomberg News reports that prosecutors are looking, in part, at e-mails from lower-level employees at the unit who raised concerns about lax anti-money-laundering practices, said two people who asked not to be identified because the matter is confidential.

Among issues raised in the e-mails: employees’ concerns that they didn’t know enough about the recipients of large cash transfers; requests for more resources for compliance staff; and complaints, spanning years, that managers weren’t being responsive.

The investigation into money-laundering controls at Banamex USA, conducted by the U.S. Attorney’s Office in Massachusetts, isn’t expected to be finished until next year, the people said.

To access the complete Bloomberg News article hit the link below:

Citigroup Said to Ignore E-Mails on Lax Controls at Banamex Unit

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