On Thursday, a U.S. regulator stated that Citigroup has failed in its promise to beef up anti-money-laundering procedures. The Office of the Comptroller of the Currency said its deposit-taking bank, Citibank N.A., hasn’t adhered to a 2012 order that accused the bank of failing to report suspicious activities and take more measures to prevent potential money laundering. According to its 2012 cease-and-desist order, the bank had inadequate internal controls and independent testing. This prevented the bank from conducting adequate due diligence on customers in correspondent banking and retail banking. At the time, the OCC ordered the bank to fix the problems, but didn’t fine it. This time, Citigroup was fined $70 million. Recently, it shut down a small unit called Banamex USA after it was fined for its controls. The bank in May also settled an anti-money-laundering investigation by the Justice Department that focused on the Banamex USA unit. It has also scaled back the number of countries where it operates in recent years.
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