The Office of the Comptroller of the Currency (OCC) of the US Department of the Treasury has levied a $400 million fine on Citibank for multiple AML/CFT deficiencies. Deficiencies were found in the bank’s enterprise-wide risk management, compliance risk management, data governance and internal controls.
As a result of these deficiencies, the bank also violated OCC guidelines. Consequently, the OCC has issued a cease and desist order against Citibank. This order requires the bank to take prompt measures to address its deficiencies in risk management, data governance and internal controls. Moreover, Citibank is now required to obtain non-objection from the OCC prior to making new acquisitions.
If Citibank fails to follow the OCC requirements, the agency may place other restrictions on the bank’s business. These restrictions can also include alterations in senior management and board members.
Source name: Office of the Comptroller of the Currency