Citigroups decade-old regulatory sanction lifted – Bloomberg News

  div classBodysc17zpet90 cdBBJodivpReuters – The U.S. Office of the Comptroller of the Currency OCC lifted a 10yearold consent order with Citigroup Inc, according to an internal memo from the bank viewed by Reuters.p

  p“We have worked very hard to remediate the issues identified in the OCCs consent order by strengthening internal controls, independent testing and how we conduct due diligence,” CEO Jane Fraser wrote to the employees in the memo. pdivdivdiv classBodysc17zpet90 cdBBJodiv

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

  pIn the original order issued in 2012, the U.S. bank regulator said https:www.reuters.comarticlefinancialregulationcitibankidINDEE8340DR20120405 Citigroup unit Citibank had violated requirements that it maintain an adequate compliance program and file reports on suspicious activity.p

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

  pThe OCC did not immediately respond to Reuters requests for comment outside business hours.p


  pp Reporting by Shivani Tanna, Rachna Dhanrajani and Elizabeth Dilts Editing by Subhranshu Sahu and Stephen Coatesp

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