News

Citigroup has agreed to pay the U.S. Treasury Department $218,000 for processing export bill collection applications linked to Iran and failing to identify suspicious parties with its sanctions software system. The New York bank violated U.S. sanctions four times in 2009 when its Malaysian trade services arm processed $638,000 in applications on behalf of the institution's Hong Kong affiliate, according to the Office of Foreign Assets Control (OFAC). The bill collection applications involved the Islamic Republic of Iran Shipping Lines and other banned entities. In separate violations between February 2010 and October 2012, Citibank facilitated four funds transfers for blacklisted...