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Apex Trader Funding (ATF) - News

Drug Traffickers Exploited Citigroup ATMs For Money Laundering: Report

Drug traffickers chose to launder money through Citigroup Inc (NYSE:C) because they believed the bank had less stringent fraud controls, according to senior U.S. law enforcement officials, the Financial Times reports. In a recent indictment, U.S. prosecutors detailed how two California residents, allegedly linked to the Sinaloa cartel, deposited tens of thousands of dollars into Citi ATMs. Benzinga has contacted Citi for comments and will update the story with their response. Also Read: Bank Stress Tests ‘Much Bigger Surprise Than Expected,’ Will Delay Future Investment Plans: JPMorgan. The duo allegedly deposited almost $36,000 in January 2021 in increments below the $10,000 threshold that triggers reporting to the U.S. Treasury, avoiding detection by splitting the sum into dozens of smaller deposits. Citing the Drug Enforcement Administration ...