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In June, the government said Singapore's banking sector poses the highest money laundering risk in the city-state. ($1 = 1.3170 Singapore dollars) (Reporting by Xinghui Kok; editing by Miral Fahmy)
A federal appeals court on Tuesday said a Citigroup vice president was not entitled to a share of a $400 million civil fine that the bank agreed to pay in October 2020 over its risk management ...
Citigroup is an American multinational investment bank and financial services company in New York City, formed by the merger of Citicorp and Travelers in 1998. Citibank, the retail bank division of Citigroup, traces its origins to the City Bank of New York, founded in 1812.
In January 2021, an alleged drug money courier for a Sinaloa-connected money laundering organization made a cash deposit into a Citibank ATM in Los Angeles County. (U.S. Attorney’s Office for ...
CIP is a US requirement for financial institutions to verify the identity of their customers and prevent money laundering. It is part of the USA Patriot Act and was implemented in 2003 with new rules in 2016.
Know your customer (KYC) is a financial regulation that requires institutions to verify the identity and suitability of their customers to prevent money laundering and terrorism financing. KYC involves customer identification, due diligence, enhanced due diligence, and other related processes.
Citibank is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. It was founded in 1812 as City Bank of New York and has branches in 19 countries, offering credit cards, mortgages, personal loans, commercial banking and more.
James' lawsuit asked Citibank to disgorge profits, pay a $5,000 fine for each instance in which it violated the law, and appoint a third-party monitor to identify all customers who were harmed.