SmarTrend(R) News Watch: Citibank Ordered To Halt Operations In Japan

Fri. June 26, 2009; Posted: 07:13 AM

Jun 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- C | Quote | Chart | News | PowerRating -- Japan's Financial Services Agency ordered (FSA) Citibank Japan Ltd. (NYSE:C) to halt all sales activities in its retail business, accusing Citi of enforcing lax standards when dealing with money laundering. The agency issued a suspension, which includes advertising, sales campaigns and solicitation in Japan from July 15 to August 14. "Despite the fact that the board of directors and management... were responsible for the execution of the business improvement order, they lack an understanding of the rules applied in Japan, such as laws and regulations, and an awareness of improvement," the FSA said. Citi officials released the following statement, "Citibank Japan is committed to implement all necessary measures to prevent any future occurrence of the problems identified."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Citigroup (C) click here. Citigroup (C) has Short Term PowerRatings of 6. Details on Citigroup (C) Short Term PowerRatings is available at This Link.

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