Citigroup and money laundering in the news

~How many illegal scams, government bailouts, fraudulent conduct concerning homeowners, mismanagement of funds, huge executives bonuses – tricks, corruption, fraud – can one institution con its way out of? Ask Citigroup Inc. if you know of any more banks that have been in more schemes and had more bailouts than Citigroup and dubbed “too big to fail” and according to Eric Holder – Too Big To Jail, feel free to speak up. Probably the latest was Citigroup being hit by the Federal Reserve about allowing dirty money into the United States through money-laundering and of course, there is the Goldman Sach’s scandal. The Federal Reserve took notice of Citigroup in Banamex USA, a subsidiary of Citigroup, for suspicious actions and dubious activity – a nice way of saying dirty money laundering. Citigroup Inc. and Banamex USA as with other banks are required under federal law to monitor and report any suspicious activity that would allow drug dealers and terrorist to launder money through the United States. Looks like although the Federal Reserve found this, Citigroup was not effective when it came to doing its job and responsibility monitoring the activity it was supposed to. Citigroup Inc. is good at ignoring Federal requirements, remember the “living wills” that Citi and others were to have in place after the taxpayer bailouts. But guess what people – Citigroup and its unit of Banamex USA once again walks with a wordy little tidbit of speech that Citi made a plan not to do this again and again but come up with a plan to monitor the transactions. No admission of wrongdoing – no fines – not even a slap on the wrist to the so-called “crackdown” on Citigroup’s part to allow illegal money coming into United States by the fed or the OCC. Oh, but they did have their senseless meetings as to what to do. Hang on people, this gets better as to the Fed Reserve and the OCC game planning with such serious charges, speculations, accusations or whatever label they choose to apply to money laundering and terrorism. The Federal Reserve is building its wordy worthless piece of instructions that will no doubt fall on deaf ears to be ignored. Back in April 2014, the OCC brought a cease and desist order against Citigroup. The OCC demanded that Citigroup Inc. bank improve its, (not stop – just improve – how genius of the OCC) – anti-money laundering controls. They accused Citi of violating the “banks secrecy act”. “A Federal law that requires banks to route out tainted cash by filing suspicious activity reports”. So, back to the Federal Reserve – what was their take on this. The feds found fault with Citigroup for not controlling or overseeing this kind of activity. Well, well – so, what can the poor feds do? Oh yes, they have a plan. Tell the banks board they will have to make an outline of a plan, “monitor the transactions” – “bolster its compliance risk management program that is common surgery with the compliance risk profile of the organization”. That must have taken a six pack and an all nighter to come up with that crap. HSBC in December 2013 agreed with authorities to settle for almost 2,000,000,000 per accusations that they transferred billions of dollars to nations like Iran and helped Mexican drug cartels to push money through United States channels of subsidiaries.

Small price to pay for that – they had to laugh their ass off all the way across borders and continents on that little snag in their operation. Well, back to Citigroup Inc. banks – this just happens to be Citi’s first “anti-” money-laundering action since by Vikram Pandit was shown the door as chief executive of Citigroup. The joke is- Pandit just moved onward and upward. But we are to believe Michael O’Neill – the bank’s chairman – showed Pandit out? Really. Anyway, Michael Corbat is now head of city as the new CEO. But have we seen any improvement? Well let’s see, a spokeswoman for the bank said “Citi continues to take appropriate steps to address remaining requirements and build a strong and sustainable program”. – “Citi has made substantial progress in improving and addressing money-laundering risk” – “in a comprehensive manner across products business lines and geographies”. What a scrambled mess of words. This line of crap only leads us to believe that Citigroup Incorporated banks etc. will continue to be up to their old tricks of deception with inside help. If one is to believe this person was on the level –
 WHY not say that Citigroup will not be involved in any illegal activities including money-laundering or will not cooperate with any bank or country that is involved in such against the United States or its allies. Citigroup will cease and desist immediately any connections with any entity that does not follow United States rules and regulations. Anyone found guilty will immediately be prosecuted for such action. Citigroup will formulate rules, regulations and guidelines to be strictly followed that allows no loopholes for civil or criminal misconduct for any and all responsible for not following the United States rules and regulations regarding illegal conduct including but not limited to money-laundering, drug cartel activity, abuse of border regulations – any and all conditions under the United States Constitution.
The contributor is not an attorney and this article is not intended to give advice.