Citi says it was served with subpoena in FIFA scandal

FIFA scandal now reaches to US banks

Various US banks are likely to be served with subpoenas as the FIFA corruption scandal continues to be investigated on an international level.

Citigroup revealed in a recent securities filing that it has been served with a subpoena from US officials who are currently investigating alleged “bribery, corruption and money laundering” at FIFA.

Current anti-money laundering laws require that banks report any strange transactions such as those at the heart of the FIFA bribery scandal.

During the height of the scandal, FIFA was using various US banks, including Citi, JPMorgan Chase, and Bank of America, to transfer and receive more than $150 million in bribes and kickbacks, authorities claim.

Officials in targeting Citi have requested information related to “banking relationships and transactions” tied to individuals “identified as having had involvement” in the alleged corrupt conduct.

The bank says it is fully cooperating with authorities, which was issued by the US Attorney for the Eastern District in New York.

Citi is the first big US bank to say it has been subpoenaed in the FIFA scandal.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.