Citigroup fined $ 70 million for lack of anti-money laundering policy

Bank of America regulatory authorities imposed a $ 70 million fine on Citigroup (C.N) for failing to address the shortcomings of the anti-money laundering policy.

The United States General Cargo Administration (OCC) penalized Citigroup at the end of December and announced the decision on Thursday. The reason for the punishment was that the bank failed to resolve the issue that it originally pointed out in 2012.

 
A spokesman for Citibank said the bank plans to meet all federal anti-money laundering regulations. Citibank is a division of Citigroup.

Spokesman Mark Costiglio said, "Citi is determined to take all necessary and appropriate steps to correct the problems identified by the OCC."