Citigroup’s Mexico Unit Faces Widening U.S. Money-Laundering Probe
A Banking and Industrial police stands outside guarding one of the Banamex Bank branches at the Avenue Reforma in Mexico City, Mexico, on Nov. 13, 2014.
Photographer: Susana Gonzalez/BloombergThis article is for subscribers only.
The U.S. Justice Department is investigating whether Citigroup Inc. let customers move illicit cash through its Mexico unit, setting the bank’s biggest international operation in the path of an expanding money-laundering probe.
The Justice Department subpoenaed Banco Nacional de Mexico, known as Banamex, demanding information about its anti-money-laundering controls and seeking documents about its due diligence on operations involving hundreds of clients, according to documents reviewed by Bloomberg.