Citibank OCC Consent Order

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OCC Consent Order

The Comptroller of the Currency of the United States of America ("Comptroller"), through his national bank examiners and other staff of the Office of the Comptroller of the Currency (“OCC”), has conducted an examination of Citibank, N.A., Sioux Falls, South Dakota .

The Bank engages in foreign exchange business and the OCC has identified certain deficiencies and unsafe or unsound practices related to the Bank’s wholesale foreign exchange business where it is acting as principal.


The OCC has informed the Bank of the findings resulting from the examination

"Citibank, N.A., has entered into a Consent Order with the Office of the Comptroller of the Currency (OCC) regarding certain deficiencies relating to its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance Program.

Requirements and deficiencies cited by the OCC include:
developing a stronger process for monitoring client relationships on a global basis; enhancing customer due diligence in certain businesses;


ARTICLE II
COMPLIANCE COMMITTEE
The Board shall appoint and maintain a Compliance Committee of at least three (3) directors, of which a majority may not be employees or officers of the Bank or any of its subsidiaries or affiliates.

The Compliance Committee may also include one or more directors of the Bank’s holding company as one or more of the required directors, if acceptable to the Examiner in Charge for Large Bank Supervision.

At formation and thereafter in the event of a change in the membership, the namesof the members of the Compliance Committee shall be submitted to the Examiner-in-Charge.

The Compliance Committee shall be responsible for monitoring and coordinating the Bank’s compliance with the 7provisions of this Order.

The Compliance Committee shall meet at least monthly and maintain minutes of its meetings.
Please find the below attached file