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8/22/15

U.S. investigates Citigroup ties to Mexican billionaire: report

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 expanding investigation into the bank's money-laundering controls, Bloomberg reported on Monday August 18.

U.S. officials asked Citigroup (C.N) to provide information on accounts tied to four businesses affiliated with Hank Rhon, according to the news agency. These include two units each of Grupo Financiero Interacciones SA (GFINTERO.MX) 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, Bloomberg said.

U.S. Justice Department spokesman Wyn Hornbuckle declined to comment.

Officials at Interacciones and Citigroup declined to immediately comment while those at Monex and Hermes could not be reached.

The Justice Department is examining anti-money laundering practices at Banco Nacional de Mexico, Citigroup’s Mexico unit known as Banamex, to see if any of its clients were involved in money laundering, the news agency said.

Read more: U.S. investigates Citigroup ties to Mexican billionaire: report | Reuters

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