OCC Issues Cease And Desist Order Against Citibank For Repeated Money-Laundering Violations

The Daily Bail



Some readers might have missed this story from April.  More detail can be found in this WSJ blog post.  Add Citigroup to a list that includes:

OCC Press Release

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a cease and desist order against Citibank for violating the Bank Secrecy Act (BSA) and its underlying regulations.

The order requires the bank to take comprehensive corrective actions to improve its BSA compliance program.

The OCC found that the bank’s BSA compliance program had deficiencies with respect to internal controls, customer due diligence, the independent BSA and anti-money laundering audit function, monitoring of its remote deposit capture and international cash letter instrument processing in connection with foreign correspondent banking, and suspicious activity reporting related to that monitoring.  These findings resulted in violations by the bank of statutory and regulatory requirements to maintain an adequate BSA compliance program, file suspicious activity reports, and conduct appropriate due diligence on foreign correspondent accounts.