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Citigroup’s decade-old regulatory sanction lifted

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© Reuters. FILE PHOTO – The logo of Citibank can be seen in Manhattan on the New York Stock Exchange’s trading floor, New York City (USA), August 3, 2021. REUTERS/Andrew Kelly/File photo

(Reuters) – A consent order from the U.S. Office of the Comptroller of the Currency (10 years old) was lifted by the OCC Citigroup Inc (NYSE:), Bloomberg News reported Thursday, citing an email memo sent to employees.

Jane Fraser, chief executive officer of Citigroup, stated that the company had “worked very well” to resolve the OCC consent order issues, Bloomberg reported.

In the original order issued in 2012, the U.S. bank regulator said https://www.reuters.com/article/financial-regulation-citibank-idINDEE8340DR20120405 Citigroup unit Citibank had violated requirements that it maintain an adequate compliance program and file reports on suspicious activity.

OCC stated that Citibank was having trouble monitoring high risk customers’ interaction with various parts of the bank.

Reuters reached Citigroup, OCC and other sources for information but did not receive any response.

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