This is not the first time Banamex has been cited for not playing by the rules. In 2012, it signed a consent order with the F.D.I.C. and California Department of Financial Institutions to improve its oversight and tracking systems. This was also not the first time Citigroup had signed a consent order relative to compliance; it did so in 2011 with the Federal Reserve.
Tuesday, March 04, 2014
Another TBTF Gaffe
This time it's Citigroup. Last week it reported that Banamex, an affiliate in Mexico, had been defrauded of $400,000,000. This week Banamex received a couple of subpoenas relative to its affiliate based in money laundering activities. Both the state of Massachusetts and the FDIC accused Banamex of violating anti-money-laundering regulations.
This is not the first time Banamex has been cited for not playing by the rules. In 2012, it signed a consent order with the F.D.I.C. and California Department of Financial Institutions to improve its oversight and tracking systems. This was also not the first time Citigroup had signed a consent order relative to compliance; it did so in 2011 with the Federal Reserve.
This is not the first time Banamex has been cited for not playing by the rules. In 2012, it signed a consent order with the F.D.I.C. and California Department of Financial Institutions to improve its oversight and tracking systems. This was also not the first time Citigroup had signed a consent order relative to compliance; it did so in 2011 with the Federal Reserve.
Subscribe to:
Post Comments (Atom)
1 comment:
Post a Comment