Citibank's Sunset in Japan?
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Code : COM0101
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Region : Japan
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Citibank in Japan Citibank is the banking services unit of the world's largest financial services group, Citigroup, based in NewYork, US. The Bank has 1,400 offices inmore than 40 countries. Its services include basic banking, Internet banking, international funds transfer, investment management and asset management, which it offers under the segments of retail banking and corporate banking. Under retail banking, it provides general consumer banking and private consumer banking... The FSA Controversy On September 17th 2004, FSA ordered Citigroup to shutdown its private banking service operations in Japan. FSA cited multiple "serious violations" of banking laws and regulations, which included "failing to properly check clients to prevent possible money-laundering, defrauding customers in foreign currency deposits and misleading customers"... Japanese Banking Regulations and FSA Getting Tougher FSA was historically known for issuing unofficial warnings to commercial banks on violations of law. But it had increased inspections of Japanese and foreign financial institutions since the late 1990s, citing a need to improve confidence in Tokyo's financial markets. Analysts believe that FSA wants to prove that it had transformed into a modern regulatory agency that enforces transparent rules... |
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