Citigroup To Step Up Money Laundering Controls

Law360, New York (March 26, 2013, 3:59 PM EDT) -- Citigroup Inc. has agreed to institute improved protections against money laundering across the entire company after its alleged failure to ensure adequate risk-control compliance at two of its banking units, regulators announced Tuesday.

According to the consent cease-and-desist order, reached with the Federal Reserve Board and the Office of the Comptroller of the Currency, Citigroup will step up its anti-money laundering, or AML, compliance efforts after agreeing to settlements with the regulators last year over allegedly lax compliance controls at Citibank NA and Citi’s Mexican subsidiary,...
To view the full article, register now.