New York Citi today issued the following statement regarding its settlement with the U.S. Department of Justice (DOJ) related to conduct within Banamex USA (BUSA), an indirect wholly-owned subsidiary of Citi.
“We are pleased to resolve these matters which conclude all remaining open inquiries conducted jointly by the DOJ and the U.S. Attorney’s Office for the District of Massachusetts concerning the Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance conduct of Citigroup and related entities, including BUSA. The settlement includes a non-prosecution agreement and a Forfeiture Amount of roughly $97 million, for which Citi is fully reserved.
“Citi previously announced a BUSA settlement in July 2015 with the Federal Deposit Insurance Corporation and California’s Department of Business Oversight. At that time, we also announced our intention to wind down banking operations at BUSA, subject to a satisfactory liquidation plan. That liquidation plan was submitted to the FDIC and received a non-objection. As a result, BUSA anticipates ceasing banking operations as of June 30, 2017.
“Among our most serious obligations as a bank is to achieve the strongest possible system for anti-money-laundering and sanctions compliance to protect the integrity of the financial system, and we continually take steps to strengthen and enhance our BSA and AML programs."
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Media: Mark Costiglio (212) 559-4114
Investors: Susan Kendall (212) 559-2718
Fixed Income Investors: Thomas Rogers (212) 559-5091