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Regulatory Crackdown Forces Compliance Changes in Mexico
By Colby Adams
printIn the wake of regulatory crackdowns and multiple criminal probes, financial institutions operating in Mexico are spending millions of dollars to upgrade their anti-money laundering programs, say bank staff. Beginning in 2006, the U.S. Justice Department and American regulators have investigated Mexico-related transactions processed by at least four of the world's 20 largest banks. Notable cases involved Wachovia, Citibank, Bank of America, American Express Bank International, and Western Union, the world's largest money services business, though it isn't clear that U.S. officials believe all of the institutions acted improperly. Currently, HSBC Holdings plc is under investigation by the U.S. Justice...
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