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The stoppage, which will cover sales activities such as advertising, is to last from July 15 to August 14. Citibank Japan will still be able to provide services to customers who come in of their own accord. It has 26 branches and held more than 5.3 trillion yen in customer deposits as of March 31.
The FSA found that Citibank Japan had failed to report several hundred transactions in which the involvement of organized crime groups or other anti-social elements had been suspected. It said Citibank Japan has long been remiss in updating a database used to detect money laundering and other crimes, rendering the tool essentially useless.
The agency also served the retail banking unit with a business improvement order.
The FSA has cracked down Citibank Japan once before for violations related to money laundering, deciding in September 2004 to revoke its approval for private banking operations. Although Citibank Japan failed to fully implement reforms adopted after that incident, the FSA does not believe it to have been deliberately concealing criminal activity this time around.
At a news conference Friday, Citibank Japan president Darren Buckley apologized on the company's behalf and promised to deal with the matter appropriately.
(Nikkei) rw
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