Small font size A Larger text size A Largest text size A

Fed terminates 2013 money-laundering enforcement action against Citigroup

BY Reuters | ECONOMIC | 10/01/24 02:00 PM EDT

WASHINGTON, Oct 1 (Reuters) - The Federal Reserve announced on Tuesday that it had terminated a 2013 enforcement action it filed against Citigroup (C/PN) over shortcomings in its capacity to police money laundering.

The enforcement action, which did not carry a fine, was filed against the bank and its former Banamex subsidiary over deficiencies in the firms' anti-money laundering programs, and ordered the firm to strengthen its efforts and update regulators on its progress. (Reporting by Pete Schroeder Editing by Chris Reese)

More Fixed Income News

JGB yields inch down as reaction to BOJ governor's comments muted BY Reuters |ECONOMIC 12:43 AM EST
Bank of Korea plans to cut interest rates further next year BY Reuters |ECONOMIC 12/24/24 10:24 PM EST
Signals point to a better bid muni market to close out 2024 BY SourceMedia Bond Buyer |MUNICIPAL 12/24/24 02:14 PM EST
BRIEF-Bank of Canada to auction C$24.5 billion of T-bills on Dec. 30 BY Reuters |ECONOMIC 12/24/24 01:10 PM EST

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article