Fed Orders Citigroup To Improve Anti-Money Laundering Controls
Citigroup Inc entered into a consent order with the Federal Reserve to improve its anti-money laundering controls, after several units of the bank were subject to similar orders in 2012.
The Federal Reserve announced on Tuesday that it ordered Citigroup's board to submit a plan to improve its oversight of companywide anti-money laundering compliance, including plans to fund personnel and resources based on the risks of different units.
Citibank had entered into a consent order with the Office of the Comptroller of the Currency in April 2012 to fix problems with its compliance with the Bank Secrecy Act anti-money laundering law.
Last year, the FDIC and the California Department of Financial Institutions also ordered Citigroup's Mexican subsidiary, Banamex, to address problems with its compliance program.
Citigroup neither admitted nor denied the Fed's findings under the order, the Fed said.