More than $800 million was wired from abroad to 136 accounts that Mr. Kaveladze opened at Citibank for Russian clients, and most of that was then sent to overseas accounts, said the report, which was provided to The New York Times by government officials who want to see its findings receive maximum exposure. The report is to be released on Thursday.

About $600 million moved through the Commercial Bank, the investigation found.

The inquiry was sought in February by Senator Carl M. Levin, a Michigan Democrat who is the ranking minority member on the Permanent Subcommittee on Investigations, as part of his inquiry into laundering by United States financial institutions. ''We routinely and legitimately criticize foreign countries that allow the creation of corporations with secret ownership for the purpose of hiding money,'' Mr. Levin said. Yet, he continued, some American states including Delaware, let companies incorporate without disclosing owners and officers, and that allows ''the establishment of a private corporation that can be used for money laundering.''

The banks, he said, are supposed to conduct their ''due diligence'' reviews as a safeguard against laundering. ''This is a serious failing by these two banks and a violation of their responsibility under the law,'' he added.

Mr. Levin said he was referring the report to the Justice Department for a criminal investigation and to the Office of the Comptroller of the Currency and to the Federal Deposit Insurance Corporation, which regulates banks.

Mr. Kaveladze vigorously denied that he had done anything wrong. Delaware law does not require that company owners be identified, he said, a point of law that the G.A.O. investigators agreed with. But the investigators said Mr. Kaveladze had represented to the banks that he knew who his customers were. Mr. Kaveladze declined to discuss that or the other accusations in detail.

''What I see here is another Russian witch hunt in the United States,'' he said in a telephone interview.

A senior vice president at Commercial Bank, Juanna Collin, said the bank was aware of the investigation and had cooperated. Ms. Collin said she could not comment until she had read the report.