US Bank Admits Criminal Failure to Stop Money Laundering to Mexico

5/23/2017 InSight Crime

banamexA subsidiary of one of the largest banking corporations in the United States has admitted to engaging in criminal behavior by failing to properly investigate tens of millions of dollars in suspicious money transfers to Mexico, highlighting the important role US financial institutions play in laundering money for Latin American criminal organizations.

Banamex USA, a subsidiary of the US banking conglomerate Citigroup, accepted responsibility for “criminal violations by willfully failing to maintain an effective anti-money laundering (AML) compliance program … and willfully failing to file Suspicious Activity Reports,” according to a May 22 press release from the US Department of Justice.

In exchange for cooperating with the government’s investigation, paying a $97 million fine and admitting wrongdoing, the bank will not be formally prosecuted for breaking the law.

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