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Inside Washington (04/06/2012)
  • WASHINGTON (4/9/12)--The Office of the Comptroller of the Currency (OCC) Thursday issued a cease-and-desist order against Citibank for allegedly violating the Bank Secrecy Act (BSA). The order requires the Citibank to take corrective actions to improve its BSA compliance program. The OCC found that the bank's BSA compliance program had deficiencies with internal controls, customer due diligence, the independent BSA and anti-money laundering audit function, monitoring of its remote deposit capture and international cash letter instrument processing in connection with foreign correspondent banking, and suspicious activity reporting related to that monitoring. The findings resulted in violations by the bank of statutory and regulatory requirements to maintain an adequate BSA compliance program, file suspicious activity reports, and conduct appropriate due diligence on foreign correspondent accounts, said the OCC. It added that Citibank has begun corrective action, committing to taking all necessary and appropriate steps to remedy the deficiencies identified by the OCC and to enhance the bank's BSA compliance program …


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