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August 14, 2022
Finance Technologies

Citi to pay $400m OCC fine for risk management failures

Citibank has been ordered to pay a $400 million fine by the Office of the Comptroller of the Currency (OCC). The South Dakota-based bank was found to have “deficiencies” in enterprise-wide and compliance risk management, as well as its data governance and internal controls. “The heavy lift will be the technology upgrade, which [the regulators] will micromanage”As well as paying a hefty fine to the US Treasury, Citi will also have to seek the OCC’s “non-objection” before finalising “significant new acquisitions”. What now? On the OCC’s orders, Citi has to come up with a “thorough redesign of data architecture, re-engineering…
Citi to pay 0m OCC fine for risk management failures

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