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May 23, 2017

Money laundering costs Citi $100M

NEW YORK (AP) — Citigroup has agreed to pay nearly $100 million to federal authorities to settle claims that a lack of internal controls and negligence in the bank's Mexican subsidiary may have allowed customers to commit money laundering.

The Justice Department announced Monday that Citi's Banamex division will pay $97.44 million for violations of the Bank Secrecy Act. Citi did not admit any fault.


 
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