Citigroup has revealed that it is under investigation by Federal Deposit Insurance Corp. and the U.S. attorney’s office for Massachusetts, following earlier reports that the Securities and Exchange Commission and possibly the Department of Justice are looking into fraudulent activities relating to loans made to a Mexican oil services company and government contractor by Citi’s subsidiary Banamex.
In its restated 2013 annual report, filed Monday with the Securities and Exchange Commission, Citigroup included the following disclosure: “Citigroup and Related Parties, including Citigroup’s affiliate Banamex USA, have received grand jury subpoenas issued by the United States Attorney’s Office for the District of Massachusetts, concerning, among other issues, policies, procedures and activities related to compliance with Bank Secrecy Act and anti-money laundering requirements under applicable federal laws and banking regulations. Banamex USA also has received a subpoena from the FDIC related to its Bank Secrecy Act and anti-money laundering program. Citigroup is cooperating fully with these inquiries.”
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