Fed tells Citi to improve anti-laundering systems

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Associated Press

Posted on March 26, 2013 at 12:00 PM

Updated Tuesday, Mar 26 at 12:03 PM

NEW YORK (AP) — The Federal Reserve is ordering Citigroup to improve its plans for preventing money laundering.

In an order made public on Tuesday, the Fed said that Citi had agreed to fix "deficiencies" in its anti-money laundering controls. The bank has two months to submit a written plan addressing steps such as policies and funding for personnel.

The order is based on similar mandates issued against the New York bank or its subsidiaries last year.

Citi said in a statement that it has already made "substantial progress" in strengthening its anti-laundering programs "in a comprehensive manner across products, business lines and geographies."

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