Citi Statement on Settlement with U.S. Department of Justice
May 22 2017 - 10:49AM
Business Wire
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.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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CitiMedia:Mark Costiglio, 212-559-4114orInvestors:Susan Kendall,
212-559-2718orFixed Income Investors:Thomas Rogers,
212-559-5091
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