Japan Tells Citigroup to Shutter Unit
From Reuters
Japan ordered Citigroup Inc. to close its Japanese private banking offices after uncovering a series of problems, including a failure to prevent suspected money laundering.
The sanctions effectively shut the world’s largest financial services company out of the lucrative private banking business in Japan. It also marked the third time this week that New York-based Citigroup either apologized for or acknowledged missteps that drew the ire of international regulators.
