The U.S. Justice Department is looking into Citigroup Inc.’s dealings with companies linked to Mexican billionaire Carlos Hank Rhon as part of an investigation into the bank’s money-laundering controls.
These include two units each of Grupo Financiero Interacciones SA and Grupo Hermes SA, which are controlled by Hank Rhon and his family. The Justice Department asked the bank to provide similar paperwork for a fifth firm, Banco Monex, that’s not connected to Hank Rhon.
Citigroup is under pressure to clean up its compliance procedures globally after it said a security unit in Mexico committed fraud. The Mexican unit accounts for almost 10 percent of the New York-based bank’s revenue.
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