US: OCC Assesses $70 Million Civil Money Penalty Against Citibank

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January 4 2018

The Office of the Comptroller of the Currency (OCC) recently assessed a $70 million civil money penalty against Citibank, N.A., for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act (BSA) and anti-money laundering (AML) deficiencies.

In its 2012 order, the OCC cited the bank for BSA violations, deficiencies in its compliance program, failing to file suspicious activity reports, and weaknesses in controls related to correspondent banking. In assessing this civil money penalty, the agency found that the bank has not achieved compliance with the OCC’s 2012 order, failing to complete corrective actions to address BSA/AML compliance issues as required by the order.

The bank paid the assessed penalty to the U.S. Treasury.