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By Pete Schroeder
WASHINGTON (Reuters) -The Federal Reserve announced on Tuesday that it had terminated a 2013 enforcement action it filed against Citigroup over shortcomings in its capacity to police money laundering.
The enforcement action, which did not carry a fine, was filed against the bank and its Banamex subsidiary over deficiencies in the firms' anti-money laundering programs, and ordered the firm to strengthen its efforts and update regulators on its progress.
Citi announced in late 2023 it planned to split Banamex from the rest of the bank in the second half of 2024.
A Citi spokesperson declined to comment on the Fed action.
(Reporting by Pete SchroederEditing by Chris Reese)
