Amy Elliot In Salinas

1. What are the legal, ethical and management issues in the Salinas situation? (90-110 words)

Swiss banks have secrecy laws put in place to protect their clients’ accounts from investigation without a legal mandate, while U.S law enforcement has legal authority to access individual accounts to investigate criminal acts. Elliott has an obligation to her client Raul Salinas, brother of Mexican president Carlos Salinas. The president would have countless political enemies so it’s possible the allegations brought against his brother could be part of a smear campaign.

As a Citibank employee, Elliott should’ve followed the “know your client” policy meticulously. Having lost 2 employees over their involvement with a money launderer working for the Mexican drug cartel, she should’ve treated due diligence more seriously and acted with greater caution.

2. In what ways is private banking

To whom or to what groups does Amy Elliot have responsibilities and what are these responsibilities? As Amy Elliot, what would you do? (90-110 words)

Amy Elliot has responsibilities first and foremost to Citibank. As head of their Mexican branch, she has to attract wealthy clientele and maintain a positive business image to remain profitable and justify the branch’s existence.

Elliot’s responsibility to her branch is to work with her team to seek out clients with a net worth of at least $5 million and at least $1 million in liquid assets to invest with the bank. Elliot also has responsibilities to the approximately 250 Mexican clients that have accounts with Citibank. She has to make sure these valuable clients are well tended to and satisfied with their banking experience and investments with Citibank. Elliot should put the needs of Citibank above those of her clients since her clients can do little to protect her from the legal consequences for aiding criminals.

4. To whom or to what group does the bank have responsibilities and what are these responsibilities? (90-110