Rabobank embroiled in California money laundering investigation
The United States Justice Department is investigating whether Rabobank ignored signs of money laundering at its US branches in California. The investigation could lead to additional enforcement action against Rabobank, Bloomberg reports
The investigation comes after Rabobank was connected with previous cases of money laundering by the banks clients in the US. The United States seized assets from Rabobank accounts in at least two criminal cases in 2011 and 2013, Bloomberg reports. In 2011 the money was tied to a Mexican cocaine trafficking operation. In 2013 the funds belonged to a San Diego customs broker, who pleaded guilty to money laundering.
Rabobank currently has more than 120 branches in the United States.