$135.6m fines prompt Citi to modernize infrastructure, controls
The bank was hit with a combined $135.6 million fine on Wednesday for failing to resolve “longstanding internal controls and risk issues,” amid continued internal work across the enterprise.
The Federal Reserve and Office of the Comptroller of the Currency fined Citigroup a combined $135.6 million on Wednesday for violating a 2020 cease and desist order pertaining to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls.
Both federal regulators indicated in separate statements that Citi failed to “meet remediation milestones and make sufficient and sustainable progress towards compliance with the 2020 Order.” It shined a
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