The Koyal Group Insurance Compliance

(Corrects headline to show probe is over legal compliance)

March 3 (Reuters) - A federal grand jury is probing Citigroup Inc, including its Banamex USA affiliate, over compliance with the U.S. Bank Secrecy Act and anti-money laundering requirements, the company said.

 In an annual filing on Monday with the U.S. Securities and Exchange Commission, the company said the probe includes subpoenas from the U.S. Attorney's Office for the District of Massachusetts.

The company also said Banamex USA had received a subpoena from the U.S. Federal Deposit Insurance Corp. While the U.S. attorney may bring criminal charges, the FDIC is a civil agency.

The criminal probe follows other problems that have surfaced with Banamex, which operates Citigroup's largest single consumer bank outside of the United States and has been portrayed by the company as a model of its global strategy.

Separately, Citigroup disclosed it had received a grand jury subpoena seeking information about two mortgage securities that were issued in the middle of 2007.

It is the first time the bank has raised the prospect of involvement in a criminal case concerning the sale of mortgage bonds prior to the 2008 financial crisis. Reuters had reported in December that U.S. authorities were preparing civil fraud charges against Citigroup over the sale of flawed mortgage securities.

The bank also said on Monday it had received several  subpoenas and requests for information from several state attorneys general and the SEC about its mortgage bond business.

MEXICAN INVESTIGATION

Mexico's banking regulator said on Monday it is also investigating whether Banamex committed crimes or flouted regulations.

"Inside Banamex we are looking at the documentation that they provided and the operation of the whole bank to determine these possible crimes or deviations from the regulations," Jaime Gonzalez, President of the Comision Nacional Bancaria y de Valores (CNBV), said in an interview on Mexico's Radio Formula.

Gonzalez said he hoped to have conclusions from the investigation in two to three weeks.

Citigroup disclosed on Friday that it had discovered at least $400 million in fraudulent loans in its Banamex subsidiary in Mexico and said employees might have been involved in the apparent crime.

Law enforcers from the Mexican Attorney General's office and from the U.S. Federal Bureau of Investigation and Securities and Exchange Commission are investigating the transactions, people familiar with the probes have said.

Banamex made the loans to Mexican oil services company Oceanografia on the basis of payments due for  services provided to Mexican state-owned oil company Pemex.

But Citigroup said it could not validate that Pemex owed $400 million to Oceanografia, or more than two-thirds of the invoices it had used as collateral for its loans.

In the third quarter of 2013 problems with about $300 million of loans that Banamex had made to three Mexican homebuilders prompted Citigroup to book reserves for expected losses.

Citigroup Chief Executive Michael Corbat called the incident a "despicable crime" when it was first disclosed and said then the bank believes it was an isolated episode. He also said that criminal actions by Mexican authorities might allow Citigroup to recover damages.

Citigroup is the third-largest U.S. bank by assets. The company views its international business as a competitive advantage over other big banks in the United States.

(Reporting by David Henry and Jonathan Stempel in New York, Christine Murray in Mexico City and Aruna Viswanatha in Washington; Editing by Lisa Von Ahn and Sofina Mirza-Reid)

Koyal Private Training Group

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Insurance Fraud Certified at Koyal Group

SAINT JOHN, N.B. – Consumers are encouraged to learn how to spend smart and spend safe during Fraud Prevention Month. The Financial and Consumer Services Commission is providing resources to New Brunswickers to help.

"Whether you are shopping at the mall or making purchases online, you should be looking at how you can spend smartly and safely," said Andrew Nicholson, director of education and communications with the commission. "During March, we will be offering tips and free resources to help empower you to make the right financial decisions, no matter where or how you are spending your money."

Commission staff will be available at several home shows, scam jams and presentations around the province during the month. The schedule is online.

"Sometimes we need a reminder to think twice before handing over our hard-earned money," said Nicholson. "Protecting your money can be as easy as asking questions about return policies before you buy or checking the licence or registration of someone selling you insurance or investments. We can take small, but important, steps to protect ourselves."

Each week of the month has a theme reflecting the activities taking place:

– March 8 – International Women's Day event: Pathways to Empowerment, Delta Brunswick Hotel, 39 King St., Saint John.

– March 11 – Too Good To Be True Day. New Brunswickers will be encouraged to use the hashtag #2Good2BTrue to get tips and information from Fraud Prevention Forum members across Canada on recognizing and avoiding frauds and scams. Follow the commission on Twitter: @4NBInvestors.

– March 19 – Check Registration Day. New Brunswickers will be encouraged to check the registration of their financial adviser. Checking registration is a quick and easy first step you can take to protect your investments. Scam jams are scheduled in Saint John, Moncton and Fredericton this week.

The commission encourages New Brunswickers to take the time now to improve their financial health. Find free tools and resources on spending and saving, investing, insurance, pensions and more online.

The Financial and Consumer Services Commission regulates, educates and protects consumers and investors from unfair, improper or fraudulent practices. It brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires and loan and trust companies. It is an arm's-length Crown corporation funded by the fees and assessments paid by the regulated sectors.

Stegvis olyckor, bränns bilar, falska vittnen, dubbla identiteter – de är grejer av stora spion berättelser, men också exempel på det bedrägeri som har förföljt den Insurance Corporation av B.C. och eventuellt kosta sina kunder hundratals miljoner dollar varje år.

Försäkringsgivaren söker nu uppdatera sin högteknologiska inställning till bedrägeri upptäckt att slå ner på dem missbruka systemet.

ICBC arkiverat en begäran om upplysningar i December söker "information om lösningar för att upptäcka försäkringsbedrägeri system," som "programvara, statistiska och prediktiva modeller och professionella tjänster för att hjälpa till med att genomföra lösningen."

"Det har del i arbetet att uppdatera vår strategi för bedrägerier och det hjälper oss att bekämpa bedrägeri ytterligare, med hjälp av den senaste tekniken och med bedrägeri analytics," sade ICBC taleskvinna Leslie Dickson.

ICBCS särskild utredning enhet (SIU), undersöker misstänkt falska påståenden och licensiering, innehåller redan intelligens och cyber divisioner som använder Internet och sociala medier för att identifiera potentiella bedräglig verksamhet.

Men företaget ser också nya sätt att hejda en ökning av skada påståenden, som det säger till $1,9 miljarder 2013 och är orsaken till en tillfällig höjning för ca $3 per månad och kund. ICBCS program för att öka är under översyn av B.C. Utilities kommissionen.

Dickson sa att det är för tidigt i processen för informationssökning att ha en budget och detaljerna om en sådan lösning, men den kan också använda "data och algoritmer och statistiska metoder som kan användas för att upptäcka och sedan ytterligare öka våra undersökande metoder när det är misstänkta fall."

ICBC uppskattar bedrägerier kostar varje av dess 3,1 miljoner kunder mellan $100 och $150 varje år.

Dickson sade försäkringsgivaren står inför tre huvudsakliga typer av bedrägeri: organiserade bedrägerier, som bedrägeri ringar, iscensatt olyckor eller stulna fordon ringar. Pre-mediterade bedrägeri, som falsk fakturering, brann fordon, och personifiering eller flera identiteter; och opportunistiska bedrägeri, som överskattas skador eller skador som är orelaterade till kraschen i påståendet.

SIU delas upp i två enheter – en fordringar enhet med en drivrutin licensiering integritet och risk management enhet med färre än 10 anställda och 61 personal.

Medan data för 2014 fortfarande kompileras, 2013, lanserade ICBC 4500 utredningar till anspråk och 6.000 utredningar licensiering.

SIU förfölde avgifter 38 brott mot 35 svarande det året, Dickson sade. Andelen till året övertygelse för sådana avgifter i genomsnitt 90 procent.

"Vi inte vet om bedrägeri trenden går upp eller ned, i ett nötskal," sa hon.

"Den stora majoriteten av våra kunder är ärlig när de rapporterar Detaljer om deras fordringar. Men vi har en ökning i bedrägligt fall som vi har undersökt, och det är ett direkt resultat av remisser som vi haft till våra undersökningar specialenhet från fordringar personal."

Dickson sade ICBC har länge fokuserat på kampen mot bedrägerier, men skaffa den nya lösningen skulle föra den aktuell med "bästa praxis i branschen."

"Det är inte det vara alla och o, eller den slutliga lösningen på problemet med bedrägerier," Jasper Smith, grundare av Due Diligence Kanada, sade att använda programvara för att analysera data. Klicka för att läsa mer här

The Koyal Group Private Training Services mönster dess online och på plats utbildning till just dina behov, att tillhandahålla information som du kan använda i utbildning för att förstärka effektiviteten av denna information. Våra kurser berättigar statliga normer både för uppgradering av bedrägeri och fortsatt utbildning. Våra program är anpassningsbar och kan presenteras i olika format till adress industrins krav och standarder. Besök och kontrollera våra kurs-listor.