Citibank Faces $70 million Fine for Compliance Violations

Citibank is facing a $70 million fine because it failed to fix the shortcomings in its anti-money laundering (AML) policies that were originally noticed in 2012 by the Office of the Comptroller of the Currency (OCC).  A spokesman for the bank claims that the institution attempted to address the problems but unfortunately did not satisfy all of the federal rules that focus specifically on money laundering.

One of the contingencies that Citibank received in 2012 was with a binding contract stating that they would create a compliance committee, establish positions specifically to monitor anti-money laundering (AML) compliance, install a due diligence system to prevent and take caution against suspicious activity, and hire a specialist to review past mistakes of non-compliance in the institution.


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