Japan FSA Orders Citigroup (C) Japan To Suspend Some Operations For A Month
More News related to C
- New Citi Survey Finds South Dakotans Making Significant Spending and Savings Changes but Generally Positive about America's Economic Future
- Financial Group Moving Higher Amid BofA TARP Repayment News (BAC, C, WFC, XLF, FAS)
- Active equity option families in first 30 minutes of trading according to Track Data are: AAPL POT BAC C.
- Citigroup (C) volatility of 42 near 19-month lows
- Citi (C) Renews and Extends Service Contract with Victory Funds
More News related to Insiders' Blog
- Bank of America (BAC) $18.8B Convertible Preferred Offering Coming Monday
- BofA (BAC) Gets Unwanted Advice From Unwanted CEO Replacements
- Cramer Tries His Best to Top-Tick Amazon (AMZN), Sets Street High $210 Price Target
- Despite Novartis Denial, UBS Makes A Strong Case That They Should Buy Alcon (ACL)
- A Rough Week for AT&T (T)
Japan's regulator on Friday ordered Citibank (NYSE: C) Japan Ltd. to suspend sales activities at its retail businesses, accusing the company of not doing enough to prevent money laundering.
The Financial Services Agency suspended all sales activities from Citi's retail businesses including advertising from July 15 to August 14.
The FSA said Citibank's monitoring old transactions, including possible transactions with crime syndicates or other antisocial groups, is inadequate.
Citibank issued an apology, and said that "this suspension does not restrict any activities with customers who wish to enter into a transaction with Citibank Japan. Nor does it affect in any way Citibank Japan’s ability to serve its Corporate Banking Division clients."
Citibank said it would comply with the regulator’s order and would submit an improvement plan by July 31. "We apologize deeply and take the situation seriously," the company said in its statement.
Sign up at EasyStockAlerts for free to see your stock news before it breaks to the rest of the public!
Related Categories
Corporate NewsInsiders' Blog
Stocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
