Citigroup Fined Over Failure to Fix Money-Laundering Safeguards
- Bank pays $70 million after OCC faults its compliance efforts
- Regulator had sought improvements in 2012 enforcement action
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Citigroup Inc. agreed to pay $70 million to settle a regulator’s finding that the bank failed to fix problems cited six years ago in a complaint over its money-laundering safeguards.
The bank hasn’t done enough to improve filing of suspicious-activity reports and scrutiny of customers in response to a 2012 order, the Office of the Comptroller of the Currency said Thursday. Citigroup consented to the agency’s findings without admitting or denying wrongdoing, the agency said. The company has already paid the fine, the OCC said.