Citibank Pays $70 Million for Money Laundering Non-Compliance

Photo by Christopher Dilts (Bloomberg)

Citibank will pay $70 million in fines for failing to comply with a 2012 settlement over Bank Secrecy Act and anti-money laundering (BSA/AML) deficiencies.

The Office of the Comptroller of the Currency announced today that the bank failed to complete corrective actions required by the regulator six years ago. In its 2012 order, the OCC cited the bank for BSA violations, deficiencies in its compliance program, failing to file suspicious activity reports, and weaknesses in controls related to correspondent banking.

The fine was assessed Dec. 27, and the OCC said in its news release the bank has paid the money to the U.S. Treasury. Citibank neither admits nor denies the OCC’s findings in the Dec. 27 consent order.

By Jeff Bater