Citibank Forced To Boost Money Laundering Protections

Law360, New York (April 5, 2012, 2:00 PM EDT) -- Federal bank regulators on Thursday issued a cease-and-desist order against Citibank NA for not maintaining adequate protections against money laundering, but did not impose a fine against the bank.

The Office of the Comptroller of the Currency said that Citibank, the retail banking subsidiary of Citigroup Inc., had violated the Bank Secrecy Act by not having appropriate internal controls in place to prevent money laundering, particularly in its remote and international deposit operations. The bank also did not adequately screen "high-risk" clients for indications that they...
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