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NEWS: Citi struggles to train staff in risk, compliance and data roles as regulators keep close eye on bank

Premium October 15, 2024

CEO Jane Fraser has sought to grow profits, simplify the company and fix its longstanding regulatory problems. In 2020, the Office of the Comptroller of the Currency and the Federal Reserve fined Citi $400 million and ordered the bank to fix persistent risk management and data governance failures.

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LATEST: Swiss prosecutor appeals UBS acquittal in Credit Suisse money laundering case

INSIGHT: Read Bruna Szego’s full Keynote Address to EAFCS2025 as she outlines her vision for AMLA

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NEWS: Stablecoin bill fails to clear key hurdle in US Senate

By Tatiana Bautzer and Manya Saini Citi has struggled to adequately train employees in risk, compliance and data roles, the bank’s own assessment shows. It sheds light on why it was taking years to fix regulatory issues even as billions are spent on an overhaul. It comes as Citigroup posted a smaller-than-expected drop in profit…

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Premium

LATEST: Swiss prosecutor appeals UBS acquittal in Credit Suisse money laundering case

INSIGHT: Read Bruna Szego’s full Keynote Address to EAFCS2025 as she outlines her vision for AMLA

 Premium

NEWS: Stablecoin bill fails to clear key hurdle in US Senate

Regulatory Watch News

  • Update to the UK Sanctions List: Russia Regime

    UK Government

    Today, 9 May, the UK Government has sanctioned 101 ships, 5 individuals, and 4 entities under the Russia sanctions regime. This is the UK's largest package targeting Russia’s shadow fleet and its enablers.

  • Bruna Szego addresses the public for AMLA in Dublin

    AMLA

    At the European Anti-Financial Crime Summit in Dublin, Ms. Bruna Szego, the inaugural Chair of the European Anti-Money Laundering Authority (AMLA), delivered a keynote speech, to an audience of public and private sector stakeholders, highlighting the Authority’s strategic priorities and the urgent need for unified, cross-sector action against financial crime. Ms. Szego underscored the transformative potential of AMLA, describing it as "a significant step ushering in a new chapter of enhanced cooperation and unified action in our shared mission to counter money laundering and terrorism financing."

  • Charge upgraded for WA man allegedly involved in cross-border $1.69 million cash and tobacco trafficking

      The AFP has upgraded a charge against a West Australian man scheduled to appear in Perth Magistrates Court today (9 May, 2025) over his alleged role in an illicit tobacco smuggling syndicate. The AFP initially charged the Baldivis man, 26, on 28 March, 2025, with proceeds of crime and illicit tobacco offences after seizing bundles of cash that were concealed in microwave ovens waiting to be shipped to Melbourne, as well as thousands of illicit tobacco products.

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