Banamex USA bank, a subsidiary of Citigroup, must pay regulators a $140 million fine for its failure to adequately follow federal anti-money laundering regulations. Citigroup announced Wednesday Banamex USA’s remaining branches will close.
The threat that organized crime, including Mexican drug cartels, will launder money through banks is a concern along the Southwest border.
The Federal Deposit Insurance Corporation and the California Department of Business Oversight determined Banamex USA wasn’t doing enough to follow federal regulations to prevent financial crimes.
“The reason that federal law has such stringent rules is to make sure banks take adequate steps to make sure they are not unwittingly facilitating illegal activities,” said Tom Dresslar, a spokesman for the California Department of Business Oversight.
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