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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-11-28T18:58:00
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
Representatives from the Federal Reserve Board and Federal Deposit Insurance Corporation (FDIC) said in a Nov. 22 letter to Citigroup’s board chair and chief executive officer the bank successfully addressed enterprise-wide risk management, compliance, and internal control deficiencies highlighted when it was fined $400 million by the Office of the Comptroller of the Currency (OCC) in October 2020.
Citigroup has “satisfactorily addressed the shortcoming the agencies identified,” the letter said, though the regulators noted improvements are still needed regarding the bank’s data management practices.
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2024-01-31T19:27:00Z By Aaron Nicodemus
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
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Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
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A broker-dealer affiliate of Citi agreed to pay nearly $8.3 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the firm overtendered shares in partial tender offers and received millions in ill-gotten gains.
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A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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