Fed Terminates Decade-Old Money Laundering Enforcement Action vs Citigroup

The Federal Reserve has terminated a decade-old enforcement action against Citigroup that focused on deficiencies tied to the banking giant’s anti-money laundering (AML) practices.On Oct. 1, the central bank announced the termination of the 2013 action — one that had not carried a fine. But the action does discuss several changes to various bank-wide efforts to monitor and address risk, and to report its findings periodically to regulators.In terms of the consent order itself, the Fed had brought its action ...