X

Bank Fined $70 Million for AML Deficiencies

The Office of the Comptroller of the Currency ("OCC") assessed a $70 million civil monetary penalty against a bank for failing to comply with a previous consent order to remedy deficiencies identified in its Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") programs.

The OCC found that Citibank, N.A. ("Citibank") failed to take adequate corrective action in response to findings outlined in a 2012 Consent Order. The Consent Order imposed a number of BSA/AML compliance remediation, monitoring, staffing and resource requirements.

Citibank agreed to the Order and the civil money penalty on December 27, 2017.

Primary Sources

  1. OCC Press Release: OCC Assesses $70 Million Civil Money Penalty against Citibank (January 5, 2018)
  2. OCC Consent Order for Civil Money Penalty: Citibank, N.A. (2017)
  3. OCC Consent Order: Citibank, N.A. (2012)

Premium Content

Available only to Premium subscribers.

 

Join Premium

US Regulatory Intelligence combines regulatory and enforcement news, analysis, and practical work tools on an easy-to-use digital platform.

Request a Free Trial

Tags

Regulated Activities
AML Compliance
Regulated Entities
Banking Entities
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
Comptroller