United States: OCC fines Citibank $30 million over control deficiencies
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The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies.
The violations, according to the regulator, resulted from deficient processes and controls the bank had implemented to identify and monitor the statutory holding period of other real estate owned (OREO).
In assessing the penalty, the regulator found that Citi failed to meet its commitment to implement corrective actions for the OREO controls.
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