The Department of Justice and Citigroup (C) - Get Report said today that they have settled a criminal investigation into violations of anti-money laundering laws and the Bank Secrecy Act at Citi subsidiary Banamex USA, Reuters reports.
The settlement comprises a non-prosecution agreement, and a forfeiture by Citigroup of $97 million, the department and the bank said in separate statements.
The bank said it had it already saved for the expense.
Under the agreement, Banamex USA admitted criminally failing to keep an adequate anti-money launder program, the DOJ said.
Between 2010 and 2012, Banamex USA conducted fewer than 10 investigations on more than 18,000 alerts generated by its monitoring system for some $142 million in potentially suspicious transactions, the DOJ added.
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