May 19, 2024

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

(Reuters) – The U.S. Office of the Comptroller of the Forex (OCC) lifted a 10-calendar year-aged consent get with Citigroup Inc, in accordance to an inside memo from the bank viewed by Reuters.

“We have labored incredibly hard to remediate the concerns determined in the OCC’s consent buy by strengthening inner controls, impartial testing and how we perform thanks diligence,” CEO Jane Fraser wrote to the employees in the memo.

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

In the primary get issued in 2012, the U.S. financial institution regulator said Citigroup device Citibank experienced violated necessities that it manage an adequate compliance software and file reviews on suspicious action.

The OCC experienced reported between the issues it observed were that Citibank experienced difficulties monitoring “high chance” customers’ interactions with various areas of the bank.

The OCC did not immediately answer to Reuters’ requests for remark outdoors enterprise several hours.

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

Copyright 2022 Thomson Reuters.