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Citigroup Anti-Money-Laundering Chief Mufti to Retire

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March 14 (Bloomberg) -- Citigroup Inc., the third-largest U.S. bank, said its global head of anti-money-laundering operations plans to retire after 33 years with the lender.

Sagheer Mufti expects to depart on May 31, according to an internal memo. Molly Millerwise Meiners, a Citigroup spokeswoman, confirmed the contents of the memo. New York-based Citigroup is searching for Mufti’s successor, Jagdish Rao, the bank’s enterprise infrastructure head, said in the memo.

Mufti “will continue to manage AML operations until his successor is announced,” Rao said. “We will miss his global experience, insights and leadership.”

Citigroup said this month that its Banamex USA unit received grand jury subpoenas related to compliance with the Bank Secrecy Act and anti-money-laundering requirements. The bank was ordered by the Federal Reserve last year to show it had tightened safeguards to prevent money-laundering violations, after a U.S. regulator said the lender failed to conduct proper due diligence on customers and was too slow to report suspicious activity.

Mufti’s retirement was reported earlier by the Wall Street Journal.

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Dan Reichl, Reed Stevenson