Citi’s Banamex USA Pays $97 Million in Money Laundering Case

Citigroup Inc. admitted to criminal violations and agreed to pay $97 million to resolve an investigation into the U.S. unit of a Mexican bank it acquired, wrapping up a Justice Department probe that also investigated the bank’s activities in Mexico.

Citigroup admitted to lapses in money laundering controls at Banamex USA, which it bought in 2001 along with its Mexican parent, Banamex. The Justice Department had been looking into both the U.S. and Mexican operations and subpoenaed Banamex in 2015 for information about its anti-money-laundering controls and due diligence. The settlement on Monday resolved all of the Justice Department’s open ...