SmarTrend(R) News Watch: Japanese Regulators Sanction Citigroup

Fri. June 26, 2009; Posted: 09:27 AM

Jun 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- C | Quote | Chart | News | PowerRating -- Tokyo's Financial Services Agency has found "fundamental problems" with Citibank Japan's (NYSE:C) fiscal compliance and will suspend all sales operations relating to products handled by the Retail Banking Division from July 15 to August 14, 2009, according to an AHN report. The regulators said that the bank has an "inadequate system" for alerting them of "suspicious transactions including money laundering." The FSA's sanctions explained, "Control systems necessary for the detection, monitoring, and follow-up of suspicious transactions have not been developed . . . under these conditions, the screening has been performed, therefore, prior screening at the opening of an account or ex-post verification has become meaningless." Citibank Japan has sold off its investment bank and brokerage, but continues to operate credit card and retail services with estimated total assets of $3.1 billion.

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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