Citigroup Breached United States Fed Regulation W Restricting Transactions to Related Entities Resulting in Internal Liquidity Reporting Errors, Fined $135 Million for Violating Enforcement Action with Insufficient Progress on Data Management & Controls to Manage Risks
6th August 2024 | Hong Kong
Citigroup has been reported to have breached United States Fed (Federal Reserve Board) Regulation W, restricting transactions to related entities resulting in Citigroup internal liquidity reporting errors. In 2024 July, the United States Fed (Federal Reserve Board) & independent bureau (Office of the Comptroller of the Currency) have fined Citigroup a total of $135.6 million for violating enforcement action with insufficient progress on data management & controls to manage risks. United States Fed issued a $60.6 million fine and the United States Office of the Comptroller of the Currency issued a $75 million fine. In 2020, Citigroup was fined $400 million, and agreed to improve deficiencies. United States Fed (10/7/24): “The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board’s 2020 enforcement action. Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk. The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains in effect. The Board’s action is being taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $135.6 million.”
“ Citigroup Breached United States Fed Regulation W Restricting Transactions to Related Entities Resulting in Internal Liquidity Reporting Errors, Fined $135 Million for Violating Enforcement Action with Insufficient Progress on Data Management & Controls to Manage Risks “
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United States Fed & Independent Bureau Fine Citigroup $135 Million for Violating Enforcement Action with Insufficient Progress on Data Management & Controls to Manage Risks, United States Fed Issues $60.6 Million Fine & Office of the Comptroller of the Currency Issues $75 Million Fine, Citigroup was Fined $400 Million in 2020 & Agreed to Improve Deficiencies
11th July 2024 – The United States Fed (Federal Reserve Board) & independent bureau (Office of the Comptroller of the Currency) have fined Citigroup a total of $135.6 million for violating enforcement action with insufficient progress on data management & controls to manage risks. United States Fed issued a $60.6 million fine and the United States Office of the Comptroller of the Currency issued a $75 million fine. In 2020, Citigroup was fined $400 million, and agreed to improve deficiencies. United States Fed (10/7/24): “The Federal Reserve Board on Wednesday fined Citigroup $60.6 million for violating the Board’s 2020 enforcement action. Citigroup has made insufficient progress remediating its problems with data quality management and failed to implement compensating controls to manage its ongoing risk. The Board continues to monitor Citigroup’s actions to comply with the 2020 action, which remains in effect. The Board’s action is being taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $135.6 million.”
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