Citigroup Ordered to Bolster Its Money-Laundering Safeguards
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Citigroup Inc., the third-biggest U.S. lender, agreed to improve compliance with the Bank Secrecy Act to resolve a federal regulator’s complaint that the company lacked sufficient safeguards against money laundering.
The bank failed to conduct proper due diligence on customers and was too slow to file so-called suspicious activity reports, the Office of the Comptroller of the Currency said today in a consent order. The deficiencies prevented New York-based Citigroup from identifying risky customers and monitoring client relationships, the regulator said.