Friday, April 6, 2012
Citi Slammed Over Laundering Lapses
A U.S. regulator on Thursday ordered Citigroup Inc. to beef up its anti-money laundering procedures after the company reported lapses at its deposit-taking bank, including one that went undiscovered for four years.
The Office of the Comptroller of the Currency said Citibank N.A. failed to fully comply with the Bank Secrecy Act, which requires financial firms to report suspicious activities and take other measures.
The cease-and-desist order from the OCC, which is part of the Treasury Department, is the latest in a string of regulatory mishaps to befall the giant lender…
Read all about it at http://online.wsj.com/article/SB10001424052702303302504577325803065390934.html?grcc=72fa0a966254d0f80bbb4bccd3cc2b48Z9ZhpgeZ0Z31Z200Z39Z9&mod=WSJ_hpp_sections_business