CITIBANK TO PAY USD70 MILLION FINE – WITH OCC ALLEGING COMPLIANCE FAILURE OVER 2012 ORDER TO MAKE AML REFORMS
January 1st, 2018
CITIBANK is to pay a USD70 million penalty to the USA Office of the Comptroller of the Currency (OCC), in a consent order where the regulator alleges the banking group failed to fully comply with a 2012 order to reform its anti-money laundering (AML) systems. Citi, in agreeing to pay the fine, has neither accepted or denied it remains in breach of the 2012 order. It highlighted violations of the federal Bank Secrecy Act (BSA), deficiencies in its AML compliance programme, failing to file suspicious activity reports, and weaknesses in correspondent banking ...
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