21 Jun Citigroup has to pay millions
As early as 2012, the US banking regulator has filed concerns about the system provisions at Citigroup – without reaction. Now the big bank has to meet requirements of $ 70 million.
The US OCC has imposed a fine on the US bank Citigroup for its lack of money laundering arrangements. The bank would have to pay $ 70 million because its systems are not sufficiently equipped to detect suspected transactions, the agency said on Thursday.
The regulator had already registered its concerns with the bank in 2012. The financial institution needs to improve its controls. A spokesman for the bank announced that it wanted to meet the conditions. The OCC is one of several Wall Street regulators and deals with, among other things, money laundering and banking appointments.