Case Analysis-Citibank Mexico Team: the Salinas Accounts
Citibank Mexico team: The Salinas Accounts
Introduction
Citibank is one of the largest banks in the United States, and had expanded its branches worldwide since 1990s. Its Mexico branch has more than 65 years history and provides private banking services mainly target on rich clients.
Amy Elliott, a head of the Citibank’s Mexico team, was introduced to manage an important account for Raul Salinas. Elliott assisted him to secretly transfer $100 million out of Mexico without obeying Citibank’s know your Customer policy. One year later, Mexico authorities had arrested Raul Salinas on charges of murder and laundering money. In order to investigate Salinas, the Swiss agents encouraged Elliott to set a trap for the Salinas’s wife. Now, Elliott feels puzzled whether to cooperate with Swiss authorities. If she cooperates, she could probably avoid server legal punishments, but she has obligation to conceal her clients’ identity. The following paper will examine the alternatives and consequences of Elliott’s decision.
Shareholders
Amy Elliott is in charge of managing Salinas’s account in Citibank. She helped Salinas to transfer substantial funds to foreign accounts in Switzerland and London. However, during the process the transactions, Elliott largely violated Citibank’s “know your customer” policy. Because of the insufficient information known about this client, Elliott may engage in managing a suspensions account involved money laundering.
Raul Salinas, Elliott’s client, requested a confidential way to transfer his huge funds out of Mexico. Salinas explained that releasing his identity might harm his brother’s career. After Mexican authorities arrested him, Swizz federal began to investigate his account. If Elliott cooperates Swiss narcotics agents, this may help Swizz federal to find out some evidence to prove his guilty. Salinas would face the punishment if he were convicted.
Patricia Rios, Salina’s fiancée, helped Raul Salina to transfer $100 million to
Introduction
Citibank is one of the largest banks in the United States, and had expanded its branches worldwide since 1990s. Its Mexico branch has more than 65 years history and provides private banking services mainly target on rich clients.
Amy Elliott, a head of the Citibank’s Mexico team, was introduced to manage an important account for Raul Salinas. Elliott assisted him to secretly transfer $100 million out of Mexico without obeying Citibank’s know your Customer policy. One year later, Mexico authorities had arrested Raul Salinas on charges of murder and laundering money. In order to investigate Salinas, the Swiss agents encouraged Elliott to set a trap for the Salinas’s wife. Now, Elliott feels puzzled whether to cooperate with Swiss authorities. If she cooperates, she could probably avoid server legal punishments, but she has obligation to conceal her clients’ identity. The following paper will examine the alternatives and consequences of Elliott’s decision.
Shareholders
Amy Elliott is in charge of managing Salinas’s account in Citibank. She helped Salinas to transfer substantial funds to foreign accounts in Switzerland and London. However, during the process the transactions, Elliott largely violated Citibank’s “know your customer” policy. Because of the insufficient information known about this client, Elliott may engage in managing a suspensions account involved money laundering.
Raul Salinas, Elliott’s client, requested a confidential way to transfer his huge funds out of Mexico. Salinas explained that releasing his identity might harm his brother’s career. After Mexican authorities arrested him, Swizz federal began to investigate his account. If Elliott cooperates Swiss narcotics agents, this may help Swizz federal to find out some evidence to prove his guilty. Salinas would face the punishment if he were convicted.
Patricia Rios, Salina’s fiancée, helped Raul Salina to transfer $100 million to