Citi was money launderers’ favourite bank, US law enforcement officials say

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Financial Times 4d ago

Citi was money launderers’ favourite bank, US law enforcement officials say - Financial Times

Quick Summary:

They added that tens of thousands of dollars were being sent back to China each month via money transfer institutions in Flushing, New York.

Tracking such transactions has been difficult for law enforcement.“The growth and the expansion of this,” the first senior DEA official said, “has gone past what law enforcement track and monitor”.

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.