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Citigroup to Close Banamex USA, Pay $140 Million for AML Violations
By Colby Adams
printCitigroup subsidiary Banamex USA will pay federal and state agencies $140 million for unresolved anti-money laundering violations ahead of the shutdown of its U.S. operations, the bank and regulators said Wednesday. Citing insufficient earnings, Citigroup said in a statement that it planned to close the subsidiary's Houston and San Antonio branches by October and keep its Los Angeles branch open "during the wind-down process." The bank maintains roughly $500 million in assets and a staff of 300 full-time employees, according to the statement. The announcement coincided with the issuance of a joint order by the Federal Deposit Insurance Corp. (FDIC)...
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