Banamex USA Agrees to NPA and to Forfeit $97 Million for Money Laundering Violations

On May 22, 2017, Banamex USA (BUSA), a financial institution based in Los Angeles, California, and a subsidiary of Citigroup Inc., entered into a non-prosecution agreement (NPA) and agreed to forfeit $97.44 million to resolve an investigation into BUSA’s Bank Secrecy Act (BSA) violations.  BUSA admitted to criminal violations in willfully failing to maintain an effective anti-money laundering (AML) compliance program with appropriate policies, procedures, and controls to guard against money laundering, and willfully failing to file Suspicious Activity Reports (SARs).