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NEWS: Citigroup hit with fines of $136m for ‘insufficient progress’ in fixing compliance failures 

Premium July 11, 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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INSIGHT: How AMLA will replace Marcus Pleyer on its Executive Board

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NEWS: Huione Guarantee and Xinbi Guarantee blocked by Telegram

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NEWS: Gang using Dublin takeaways and barbers as fronts for prostitution ring

By Paul O’Donoghue

Citigroup has been hit with a pair of fines by U.S. regulators totaling just under $136 million due to a lack of progress in addressing various compliance issues.

The Federal Reserve and the Office of the Comptroller of the Currency (OCC) imposed penalties of $60.6 million and $75 million respectively.

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Premium

INSIGHT: How AMLA will replace Marcus Pleyer on its Executive Board

 Premium

NEWS: Huione Guarantee and Xinbi Guarantee blocked by Telegram

 Premium

NEWS: Gang using Dublin takeaways and barbers as fronts for prostitution ring

Regulatory Watch News

  • Treasury Disrupts Financial Facilitation Network Supporting Hizballah Terrorists

    OFAC

      WASHINGTON —Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting two senior Hizballah officials and two financial facilitators for their roles in coordinating financial transfers for Hizballah.  These individuals, based in Lebanon and Iran, work closely with Hizballah leadership to send money to the group from overseas donors.  These donations are a significant portion of the terrorist group’s overall budget.  In addition to managing and processing funding for Hizballah within Lebanon, one of these individuals is responsible for overseeing financial activity for Hizballah-aligned groups around the world.

  • FMA warns against offerings by Guru4Invest

    FMA

    This provider is not authorised to conduct securities transactions in Austria that require a licence, and is not allowed to execute orders on behalf of clients in accordance with Article 3 para. 2 no. 6 of the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018).

  • Europol has identified AI powered fraud as a key problem area
    17 providers of criminal banking services arrested

    Europol

    In a prime example of the interconnection between criminal networks, Europol supported the takedown of a criminal parallel banking organisation with multiple branches spread out across Europe. The action day conducted on 14 January 2025 across Austria, Belgium and Spain constitutes a direct follow-up to two successful operations against migrant smugglers (as reported on 4 July 2023 and as 13 August 2023). A total of 17 individuals were arrested (15 in Spain, 1 in Austria, 1 in Belgium). A large amount of criminal assets worth over EUR 4.5 million, 4 shotguns and several electronic devices were seized.

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