Reported by Todd Gillespie

Citigroup Inc. is being investigated by US government agencies over its ties to a sanctioned Russian official, according to a person familiar with the matter.

The probe, by the Department of Justice, the FBI and the IRS, centers on Citigroup’s work for Heritage Trust, which holds assets owned by Suleiman Abusaidovich Kerimov, the person said, asking not to be identified discussing non-public information. Kerimov is a Russian billionaire the US has previously said profited from government corruption.

Part of the investigation is examining Citigroup’s anti-money-laundering policies and systems in place to prevent financial crimes, the person said.

Read full report: https://www.bloomberg.com/news/articles/2024-11-14/citigroup-probed-by-us-over-ties-to-sanctioned-russian-kerimov?sref=zNmRQ0gk&embedded-checkout=true