Following this announcement, the US Department of Justice, the Federal Bureau of Investigation, and the Internal Revenue Service are probing the bank's work with Delaware-based Heritage Trust, which holds assets owned by Kerimov.
According to officials of the company, Citigroup will remain committed to conducting all business with the highest consideration for compliance with all applicable laws and regulations. In addition, the financial institution is actively ending nearly all of its international banking business in the region of Russia, except for those operatons that are nececessary to fulfil remaining legal and regulatory obligations. This will take place while Citi will proceed with the closing of its Russian customer banking business as well.
Citigroup represents a multinational investment bank and financial services company that focuses on providing its clients with the possibility to access its suite of solutions, including corporate banking services, treasure and trade tools, security services, custodian banking, and more.
According to Reuters, the current investigation will look into Citigroup’s anti-money laundering processes and client vetting in order to make sure that clients are protected from fraudsters and that the services are rolling according to regulatory requirements and laws. At the same time, the DOJ, the FBI, and the IRS did not immediately respond to Reuters' requests for comment.
Back in 2022, the US had taken enforcement action imposing restrictions against Heritage Trust over several interests held by the Russian oligarch.
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