Citibank, N.A., Hong Kong Branch

Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case

MAS imposed composition penalties totalling S$2.6 million on Citibank N.A. Singapore and Citibank Singapore Limited, named together as 'Citi'; the release does not split the amount between the two entities. MAS named Citi among FIs with inadequate customer risk assessment, inadequate follow-up on source of wealth discrepancies, and inadequate review of flagged transactions.

Citibank N.A. Singapore (CNAS) and Citibank Singapore Limited (CSL), collectively "Citi"

MAS said the institutions have embarked on remediation and it will monitor progress.

Civil money penalty for insufficient progress under the 2020 consent order (data quality and risk management)

On 10 July 2024 the OCC assessed a USD 75 million civil money penalty against Citibank, N.A. for insufficient progress in meeting the 2020 consent order. On the same day the Federal Reserve separately fined the holding company, Citigroup Inc., USD 60.6 million; that action is shown as group context.

The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board's 2020 enforcement action.

Composition penalty for AML/CFT breaches identified in examinations after the Wirecard irregularities

MAS imposed a S$400,000 composition penalty on Citibank N.A., Singapore Branch for breaches from September 2019 to June 2020 involving two corporate customers, including failure to understand control structures, identify beneficial owners and inquire into unusually large transactions. This matter concerns the US bank's branch, not Citibank Singapore Limited.

MAS has imposed a composition penalty of S$400,000 on Citibank

Civil money penalty and cease and desist order: risk management, data governance and internal controls

The OCC assessed a USD 400 million civil money penalty against Citibank, N.A. and issued a cease and desist order requiring improvements in risk management, data governance and internal controls, including OCC non-objection before significant new acquisitions. The Federal Reserve issued a parallel cease and desist order against Citigroup Inc. the same day with no penalty.

The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A

PRA final notice: failings in regulatory reporting governance and controls

The PRA imposed a combined penalty of GBP 43.9 million on three Citi UK entities, including Citibank N.A. London branch, because internal controls and governance over UK regulatory reporting were not designed, implemented or operating effectively between 19 June 2014 and 31 December 2018. A 30% settlement discount applied (GBP 62.7 million before discount). The joint penalty cannot be apportioned to the London branch from the release.

Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (Citi) of £43.9 million

Final notice: failings in G10 spot FX trading controls (five-bank settlement)

The FCA fined Citibank N.A. GBP 225,575,000 (USD 358 million) for failing to control business practices on its London G10 spot FX voice trading desk between 1 January 2008 and 15 October 2013, after a 30% discount. Parallel CFTC and OCC penalties (OCC USD 700 million across Citibank and JPMorgan per the FCA release) are separate and not additive here.

Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ($343 million),