November 30, 2022


Just Do Travel

Citigroup’s Decade-Old Regulatory Sanction Lifted | Investing News

(Reuters) – The U.S. Office of the Comptroller of the Currency (OCC) lifted a 10-year-old consent order with Citigroup Inc, according to an internal memo from the bank viewed by Reuters.

“We have worked very hard to remediate the issues identified in the OCC’s consent order by strengthening internal controls, independent testing and how we conduct due diligence,” CEO Jane Fraser wrote to the employees in the memo.

A Citi spokesperson verified the contents of the memo but declined to comment further.

In the original order issued in 2012, the U.S. bank regulator said Citigroup unit Citibank had violated requirements that it maintain an adequate compliance program and file reports on suspicious activity.

The OCC had said among the problems it found were that Citibank had trouble tracking “high risk” customers’ interactions with different parts of the bank.

The OCC did not immediately respond to Reuters’ requests for comment outside business hours.

(Reporting by Shivani Tanna, Rachna Dhanrajani and Elizabeth Dilts; Editing by Subhranshu Sahu and Stephen Coates)

Copyright 2022 Thomson Reuters.