The Office of the Comptroller of the Currency ("OCC") assessed a $70 million civil monetary penalty against a bank for failing to comply with a previous consent order to remedy deficiencies identified in its Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") programs.
The OCC found that Citibank, N.A. ("Citibank") failed to take adequate corrective action in response to findings outlined in a 2012 Consent Order. The Consent Order imposed a number of BSA/AML compliance remediation, monitoring, staffing and resource requirements.
Citibank agreed to the Order and the civil money penalty on December 27, 2017.
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