Stating that the bank failed to comply with a 2012 consent order related to Bank Secrecy Act and anti-money laundering deficiencies, the Office of the Comptroller of the Currency recently assessed a civil money penalty against Citibank, N.A.
The agency listed numerous issues with the bank’s compliance systems that it asserts have not been addressed in a timely manner.
Read on to learn more details about why the company was ordered to pay a penalty.