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Violation Tracker Individual Record

Company: Banamex USA
Current Parent Company: Citigroup
Penalty: $97,440,000
Year: 2017
Date: May 22, 2017
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Mega-Scandal: Anti-Money Laundering Deficiencies
Violation Description: Banamex USA (BUSA), a financial institution based in Los Angeles, California, and a subsidiary of Citigroup Inc., agreed to forfeit $97.44 million and entered into a non-prosecution agreement to resolve an investigation of Bank Secrecy Act violations. In its agreement with the Justice Department, the company admitted to criminal violations by willfully failing to maintain an effective anti-money laundering compliance program with appropriate policies, procedures, and controls to guard against money laundering and willfully failing to file Suspicious Activity Reports.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: non-prosecution agreement
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.