U.S. authorities slapped Wednesday Citigroup with $135.6 million over the bank's lack of progress in upgrading risk management and internal controls following a 2020 regulatory crackdown.
The fines from the U.S. Federal Reserve (Fed) and the Office of the Comptroller of the Currency (OCC) are due to Citi's "failure to meet remediation milestones and make sufficient and sustainable progress towards compliance with the 2020 Order," an OCC press release said.
The case dates to the October 2020 enforcement of the bank over deficiencies in risk management practices that required an overhaul of internal controls. The same regulators fined Citi $400 million at the time.
The bank still suffers from "certain persistent weaknesses," particularly on data, said Acting Comptroller of the Currency Michael Hsu.
"Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies," Hsu said.
"Today's amendment requires the bank to refocus its efforts on taking necessary corrective actions and ensuring appropriate resources are allocated for this purpose."
The OCC described the latest action as a $75 million civil monetary penalty, while the Fed fine was for $60.6 million.
Citi CEO Jane Fraser said the bank had made "good progress" but would do more to meet the requirements.
"We will get these areas where they need to be, as we have done in other areas of the transformation," Fraser said in a statement. "We've always said that progress wouldn't be linear, and we have no doubt that we will be successful in getting our firm where it needs to be."
