Citigroup is being probed by US authorities companies over its ties to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, Bloomberg Information reported on Thursday, citing an individual accustomed to the matter.
The Division of Justice, the Federal Bureau of Investigation, and the Inside Income Service are probing the financial institution’s work with Delaware-based Heritage Belief, which holds belongings owned by Kerimov, the report stated.
“Citi is dedicated to conducting all enterprise with the very best consideration for compliance with all relevant legal guidelines and laws,” a Citi spokesperson advised Reuters in an emailed assertion.
“On the identical time, we’re actively ending almost all of our institutional banking enterprise in Russia, apart from these operations obligatory to meet remaining authorized and regulatory obligations, whereas we proceed with the closing of our Russian shopper banking enterprise.”
Part of the investigation is wanting into Citigroup’s anti-money laundering insurance policies and techniques in place to forestall monetary crimes, the Bloomberg report stated.
The DOJ, the FBI, and the IRS didn’t instantly reply to Reuters’ requests for remark.
Kerimov was sanctioned by the US in 2014 and 2018 in response to Russia’s actions in Syria and Ukraine.
America in 2022 had taken enforcement motion imposing restrictions in opposition to Heritage Belief over pursuits held by the Russian oligarch.
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