United States Government
Washington, DC:
Banamex USA Agrees to Forfeit $97 Million in Connection with Bank Secrecy Act Violations
Today Acting Assistant Attorney General Kenneth A. Blanco of the Justice Department’s Criminal Division announced that Banamex USA (BUSA), a financial institution based in Los Angeles, California, and a subsidiary of Citigroup Inc., agreed to forfeit $97.44 million and entered into a non-prosecution agreement (NPA) to resolve an investigation into BUSA’s Bank Secrecy Act (BSA) violations. In its agreement with the Justice Department, BUSA admitted to criminal violations by 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).
When banks are awash with cash
In an environment characterised by slowing growth, poor investor sentiment and NPA-strapped banks, the government has its task cut out. When private investment is skittish, public investment must step in
Your bank holding company: Hold on or let go?
Ending your BHC can allow you to, among other things, consolidate operations. But keeping it and remaining under federal oversight can provide you with more flexibility than you’d have under the state banking laws you’d otherwise be subject to.
What If My Ex Doesn't Disclose All Bank Accounts During Discovery?
What can I do if I feel my ex has lied about the number of bank accounts she has open during discovery?
How to agree on valuation with investors
Negotiating the valuation of a startup with investors may be challenging, but following a similar playbook as investors can help entrepreneurs reach a value that makes sense, writes startup adviser and entrepreneur Gordon Daugherty. This article details what investors want and the tactics to employ to get the desired evaluation.
Violation Types and Examples
This page contains examples of violations that lead to criminal investigations
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This immoral act against a decent man diminishes all who pursue it
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Ex-Im bank doesn’t deserve a new lease on life
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When Banks Won't Lend, This VC-Backed Marketplace May Be for You
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New Consumer Rights Act: what it means for you
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