Citibank has been fined $70m by the Office of the Comptroller of the Currency (OCC) over charges of failing to address anti-money laundering (AML) deficiencies flagged six years ago.
In the original cease-and-desist order of 2012, the bank was accused of breaching the Bank Secrecy Act (BSA) as it failed to file suspicious activity reports, and weaknesses in correspondent banking controls.
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Citigroup agreed to the penalty, without admitting or denying the charges.
“Citi is committed to taking all necessary and appropriate steps to remedy the concerns identified by the OCC,” a spokesman said.
Last month Citigroup Global Markets was fined $11.5m by the Financial Industry Regulatory Authority (FINRA) for displaying inaccurate research ratings for equity securities. In September 2017, Citibank and Citigroup Global Markets were fined $550,000 for breaching swap data reporting rules.
In May 2017, Banamex USA, a Citigroup affiliate, agreed to pay $97.4m to settle money laundering allegations.
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By GlobalDataIn 2015, Citicorp along with Barclays, JPMorgan Chase, Royal Bank of Scotland, UBS, and Bank of America were fined $5.7bn for rigging benchmark rates.
