Under the settlement, Citi promises to appoint a compliance committee, upgrade data collection, and assess staffing to ensure adequate resources for compliance.
United States authorities fined Citibank $400 million over deficiencies in risk management practices and required an overhaul of internal controls at the global financial powerhouse, officials announced Wednesday, October 7.
The Fed said the crackdown reflected the fact Citi had"not taken prompt and effective actions to correct practices previously identified by the Board in the area of compliance risk management, data quality management, and internal controls."Under the settlement with the OCC, Citi promised to appoint a compliance committee that will provide quarterly updates to the company's board on actions to improve compliance.
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