citibank-japan-reprimanded-by-regulators

Citibank Japan reprimanded by regulators

The US bank is punished for inadequate internal controls in the third such disciplinary action since 2001.

Japan's Financial Services Agency FSA has issued an administration action letter against Citibank Japan for fundamental problems with its internal controls regarding money laundering and protecting the bank against organised crime. The letter, issued Friday, suspends all sales operations pertaining to all products handled by the retail banking division for the period ranging from July 15 to August 14 this year. Citibank Japan's wholesale banking operations in Japan are unaffected.

The action represents the third such reprimand for Citibank in Japan over the past decade, making it the most censured foreign bank in Japan when including the revocation of its private banking license in 2004. Behind Citi, Credit Suisse had its private banking license...

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