Daily Management Review

Citibank gets $400M fine in USA


Citibank was fined $ 400 million in the US for "several long-standing flaws" in "risk management" and "internal control systems."

This is stated in a statement released on October 7 by the Federal Reserve System (Fed) and the Office of Foreign Exchange Control of the US Treasury Department.

It is noted that the bank must pay the fine to the American financial department. Citigroup, which owns Citibank, is obliged to remedy the shortcomings pointed out by the Fed as soon as possible.

Recall that Citigroup, headquartered in New York, is ranked 30th in the list of the 500 largest US corporations according to Forbes magazine.

In the period from January to July 2019, 14 cases of theft of funds by employees of banks and financial organizations were recorded in South Korea. Citibank is also mentioned among the banks where theft took place. 

source: bloomberg.com