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Fed terminates enforcement action against Citigroup
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Banking, Industry Regulation
Friday, October 27, 2023
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The
Federal Reserve agreed to terminate an enforcement action against Citigroup, which
cited previous deficiencies and misconduct in the bank’s foreign exchange (FX)
activities spanning from 2008 to 2013. The action pointed to Citigroup’s alleged
failure to uphold proper risk management, compliance and audit procedures
within its FX operations and directed the bank to take specific remediation
actions.
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