The OCC found in 2012 that Citi had failed to develop adequate information on its foreign correspondent bank and retail customers, had failed to file some of the required reports on suspicious financial transactions, and failed to identify its own internal deficiencies. large bank supervisor, the Office of the Comptroller of the Currency (OCC), which issued the 2012 enforcement order to Citi, will soon launch a so-called “validation” aimed at determining whether the bank has sufficiently improved its compliance regime to warrant terminating the order, sources familiar with the matter said. I don’t think you can draw any conclusions from the way it is done at any particular moment at one institution versus another,” Zimiles said.įor Citi, the stakes are high. “If you have (an AML leader) who is strong on policy and programmatic issues but not as strong on technology, you might do it a different way. But it can theoretically work either way,” said the source.Ī bank’s AML structure “is an individual choice that sometimes depends on the people involved and the relationships between leadership in operations and compliance,” said Ellen Zimiles, head of global investigations and compliance at Navigant Consulting. “I would not work in a place as the head of AML where I didn’t oversee directly the operations relating to transaction monitoring, investigations and reporting for both sanctions and AML. Related ToJessica Clew, Alison Clew, Brian Clew, Julia Clew. Some banks pursuing greater efficiency have opted to separate their policy-making compliance units from those dedicated to transaction monitoring and alert handling, sanctions screening and routine investigations, said sources with experience leading global AML operations. Find Jacob Clews phone number, address, and email on Spokeo, the leading online directory. Clew did not respond to a call seeking comment.Ĭiti is just one of a number of global banks grappling with how to structure their massive AML organizations, which in some cases involve thousands of employees. Both Clew and Reilly report to Barbara Desoer, chief executive of Citibank NA since 2014.Ĭlew will retire from Deloitte later this month and formally join Citi in June, sources familiar with the matter said. This will improve resource allocation, standardize processes, increase accountability and make us even stronger stewards of the financial system,” said Kamran Mumtaz, a Citi spokesman.Ĭiti’s new AML configuration, which came into effect on March 1, is led jointly by Alison Clew, a senior Deloitte AML consultant, and Denise Reilly, global head of anti-money laundering compliance at Citi. Consistent with those efforts, we have centralized our AML efforts into a single function. “We have taken many actions to simplify our company and consolidate related functions, so we can execute more efficiently and effectively.
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