The Office of the Comptroller of the Currency (OCC) has lifted a 2012 consent order against Citigroup Inc. that called for the bank to improve its transparency and take steps against money laundering, a source familiar with the bank confirmed on Monday. Reports surfaced late Thursday that Citi CEO Jane Fraser sent out an internal memo that said the bank worked hard to remediate the issues raised by OCC, one of the main federal regulators for U.S. banks. The memo said Citigroup strengthened internal controls, independent testing and how it conducts due diligence. Shares of Citigroup rose 0.7% on Monday. The stock is down 19.6% so far in 2022, compared to a drop of 11.9% by the Financial Select Sector SPDR ETF .
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