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Japan To Order Citigroup Inc To Suspend Some Of Its Business

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Japan to order Citi to suspend some ops: reports

Jun 25, 2009, 10:19 p.m. EST

By Michael Kitchen

LOS ANGELES (MarketWatch) -- Japanese financial regulators are set to sanction Citigroup Inc. , demanding it suspend some of its business due to overly lax money laundering controls, reports said Friday. Tokyo-traded shares of Citi were down 3.6% following reports.

http://www.marketwatch.com/story/japan-to-...-20096252219170

WTF ?

Can't wait to see what this is about! :ph34r:

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It will not be the first time that the U.S. bank has run foul of Japanese regulators. In 2004 Citigroup was forced to shut down its private banking business for violations that also included loose money-laundering controls. That incident prompted then-chief executive Charles Prince to make a public bow of apology in Japan, the traditional sign of remorse for Japanese executives and politicians.

http://www.reuters.com/article/GCA-CreditC...E55O4TY20090625

Bow for a few million $?

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