Japanese regulators ordered Citibank on Friday to suspend all sales operations in its retail banking division for a month starting July 15 because the lender had failed to set up a working system to make notification of suspicious transactions, including money laundering.
http://dealbook.blogs.nytimes.com/2009/06/26/japanese-regulators-suspend-citibank-retail-ads/?scp=2&sq=japan&st=cseI'm going to close my account with citibank Japan which seems to be dealing with money launderers. very dodgy stuff here. What a pain in the ass.
Last time Japanese regulators put penalties on a company to stop sales activities we know what happened, NOVA went bust. Citibank is pretty big so it probably won't fold but fraudulent activities are usually part of the downfall of even the biggest companies.