Citi suspends new accounts amid AML review

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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.”

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• Topics
• Anti-money laundering
• Citi
• Financial crime
• Financial Services Authority (FSA)
• Money laundering
• Regulation