Citigroup Inc said it would shut its Banamex USA operations and pay $140 million to regulators who alleged the bank did not correct weaknesses they had found in 2012 in its anti-money laundering programs.
The fine, imposed by the Federal Deposit Insurance Corp, includes $40 million in civil penalties to be paid to California's Department of Business Oversight.
"Banamex agreed three years ago to correct numerous weaknesses in its anti-money laundering program. It has failed to do so,” Jan Lynn Owen, commissioner of the California authority said in a statement on Wednesday.
California-based Banamex USA is . . .
