Citi suspends new accounts amid AML review

David Benyon
14 Jul 2008

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Regulation

LONDON – Citibank has suspended the opening of new UK accounts and is reviewing its anti-money laundering (AML) processes and resources with the Financial Services Authority (FSA), the UK’s financial regulator. The FSA has asked the bank to provide weekly updates until the risks are resolved.

The bank said it made the decision to suspend new account openings itself after an internal review revealed process and resource problems. The affected unit of the US banking group, which caters for 170,000 affluent customers globally, has frozen new account openings in the UK.

“The business has grown 70% over the past 12 months and is taking a pause with regard to new accounts while we ensure adequate resources are in place,” said a statement from Citibank. “It is business as usual for all existing customers. This is a process and resource issue.”

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact [email protected] to find out more.

You are currently unable to copy this content. Please contact [email protected] to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

You are currently on corporate access.