(Reuters) – The U.S. Workplace of the Comptroller of the Forex (OCC) lifted a 10-year-old consent order with Citigroup Inc, in keeping with an inner memo from the financial institution seen by Reuters.
“We now have labored very laborious to remediate the problems recognized within the OCC’s consent order by strengthening inner controls, unbiased testing and the way we conduct due diligence,” CEO Jane Fraser wrote to the staff within the memo.
A Citi spokesperson verified the contents of the memo however declined to remark additional.
Within the unique order issued in 2012, the U.S. financial institution regulator stated right here Citigroup unit Citibank had violated necessities that it keep an satisfactory compliance program and file reviews on suspicious exercise.
The OCC had stated among the many issues it discovered had been that Citibank had hassle monitoring “excessive threat” prospects’ interactions with completely different components of the financial institution.
The OCC didn’t instantly reply to Reuters’ requests for remark outdoors enterprise hours.
Reporting by Shivani Tanna, Rachna Dhanrajani and Elizabeth Dilts; Enhancing by Subhranshu Sahu and Stephen Coates
