Drug traffickers chose to launder money through Citigroup because they believed the bank was “more favourable”, with less robust fraud controls, according to senior US law enforcement officials. In an indictment unsealed last week, US prosecutors detailed how two California residents, who allegedly worked with the notorious Sinaloa cartel, deposited tens of thousands of dollars at Citi ATMs.
The bank said it had “robust anti-money laundering policies”, adding: “When we find evidence of such activity, we notify the authorities as required and fully co-operate with any investigation through appropriate legal processes.” The indictment also details how another defendant, Jiayong Yu, allegedly deposited a cashier’s cheque at a JPMorgan Chase ATM, and “approximately $100,000 of United States currency at a Chase Bank teller window” last year.