Citibank has been fined $70m by the Office of the Comptroller of the Currency (OCC) over charges of failing to address anti-money laundering (AML) deficiencies flagged six years ago.
In the original cease-and-desist order of 2012, the bank was accused of breaching the Bank Secrecy Act (BSA) as it failed to file suspicious activity reports, and weaknesses in correspondent banking controls.
Citigroup agreed to the penalty, without admitting or denying the charges.
“Citi is committed to taking all necessary and appropriate steps to remedy the concerns identified by the OCC,” a spokesman said.
Last month Citigroup Global Markets was fined $11.5m by the Financial Industry Regulatory Authority (FINRA) for displaying inaccurate research ratings for equity securities. In September 2017, Citibank and Citigroup Global Markets were fined $550,000 for breaching swap data reporting rules.
In May 2017, Banamex USA, a Citigroup affiliate, agreed to pay $97.4m to settle money laundering allegations.
In 2015, Citicorp along with Barclays, JPMorgan Chase, Royal Bank of Scotland, UBS, and Bank of America were fined $5.7bn for rigging benchmark rates.