Chief Compliance Officer Fined, Barred From Work as Banamex Reaches NPA
Once again, the federal government has held a chief compliance officer personally liable for failing to stop a company's misconduct. The CCO worked at Banamex USA in Los Angeles, a banking subsidiary of Citigroup Inc. that just signed a nonprosecution agreement on Monday, but agreed to pay a $97.4 million penalty for money laundering and other criminal violations.
May 22, 2017 at 05:31 PM
11 minute read
Once again, the federal government has held a chief compliance officer personally liable for failing to stop a company's misconduct.
This time the CCO worked at Banamex USA (BUSA) in Los Angeles, a banking subsidiary of Citigroup Inc., which just signed a nonprosecution agreement on Monday.
The Department of Justice's criminal division announced that it has reached the agreement with BUSA and Citigroup over violations of the U.S. Bank Secrecy Act. In the deal, the bank agreed to pay a $97.4 million penalty and admitted to criminal violations by failing to maintain an effective anti-money laundering compliance program, policies and controls to guard against money laundering.
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