“Citibank, N.A., has entered into a Consent Order with the Office of the
Comptroller of the Currency (OCC) regarding certain deficiencies
relating to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Compliance Program. Requirements and deficiencies cited by the OCC
include: developing a stronger process for monitoring client
relationships on a global basis; enhancing customer due diligence in
certain businesses; and failed to file suspicious activity reports on a
self-reported monitoring gap for the remote deposit capture product
offered by its foreign correspondent banking business.
“In recent years, we have taken significant steps and developed a
comprehensive plan to address legacy AML issues and better manage AML
risks comprehensively across products, businesses, and
geographies. Because of these actions, many of the issues highlighted in
the OCC’s Order have already been remediated or are in the process of
being remediated. Furthermore, we are developing a plan to address the
remaining OCC requirements.
“We strive to continually operate at the highest standards of conduct in
all of our businesses. We are committed to being in compliance with all
BSA/AML regulations and expectations in the countries and territories
where we conduct business. Important progress has been made, and we will
continue to work towards having an industry-leading BSA/AML compliance
Over the past several years, Citibank, N.A. has dedicated significant
resources and staffing to meet regulatory standards and to implement
globally consistent leading practices, including:
Engaged in an ambitious effort to upgrade and migrate its existing
transaction monitoring operations to regional hubs that utilize a
single set of monitoring principles and a common technology platform.
Enhanced its understanding of the Bank’s AML risk through its
enterprise-wide AML risk assessment process, which included the
collection of millions of data elements from global source systems.
Strengthened its core AML management group by completing certain
strategic senior hires of employees with extensive experience in the
industry and with U.S. regulatory and law enforcement agencies.
Developed processes to conduct special and separate reviews of certain
high risk customers on a global basis.
Enhanced its Internal Audit team’s AML expertise, staffing and
About Citibank, National Association
Citibank, National Association (Citibank, N.A.) is Citi’s primary
subsidiary depository institution. Citibank, N.A.’s principal offerings
include consumer finance, mortgage lending, retail banking products and
services, credit cards; commercial banking, cash management, and trade
finance; and private banking products and services throughout the world.
Citibank, N.A. is regulated and supervised by the Office of the
Comptroller of the Currency (OCC). Its deposits are insured by the
Federal Deposit Insurance Corporation (FDIC). Overseas branches of
Citibank are regulated and supervised by the Board of Governors of the
Federal Reserve System (FRB) and the OCC.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
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