© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – The U.S. Office of the Comptroller of the Currency (OCC) lifted a 10-year-old consent order with Citigroup Inc (NYSE:), according to an internal memo from the bank viewed by Reuters.
“We have worked very hard to remediate the issues identified in the OCC’s consent order by strengthening internal controls, independent testing and how we conduct due diligence,” CEO Jane Fraser wrote to the employees in the memo.
A Citi spokesperson verified the contents of the memo but declined to comment further.
In the original order issued in 2012, the U.S. bank regulator said https://www.reuters.com/article/financial-regulation-citibank-idINDEE8340DR20120405 Citigroup unit Citibank had violated requirements that it maintain an adequate compliance program and file reports on suspicious activity.
The OCC had said among the problems it found were that Citibank had trouble tracking “high risk” customers’ interactions with different parts of the bank.
The OCC did not immediately respond to Reuters’ requests for comment outside business hours.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
