[NEW YORK] Citigroup said Wednesday it will shut the US branch of its Mexican subsidiary Banamex and pay US$140 million in fines for inadequate programmes to combat money laundering. Citigroup said it had opted to close Banamex USA after concluding it "has not been able to operate to the scale necessary to generate consistent quality earnings." Operations of Banamex USA will be wound down "subject to a satisfactory liquidation plan," Citigroup, the fourth-largest US bank by assets, said in a statement. The California Department of Business Oversight said the fines were needed because Banamex USA continued to engage in new violations of federal bank secrecy and money laundering rules. Those failings flouted requirements under a 2012 consent order between Banamex USA and the Federal Deposit Insurance Corporation and the California agency.