Fed Ends 2015 FX Rigging Enforcement Action Against Citi (1)

The Federal Reserve said it terminated a 2015 enforcement action against Citigroup Inc.

As part of a May 2015 action, Citigroup and four other banks pled guilty to charges of conspiring to manipulate the price of US dollars and euros. As part of the settlement, Citigroup agreed to pay $925 million, the highest of the banks penalized.

That 2015 cease-and-desist order required Citigroup to overhaul key parts of the firm’s compliance activities and internal controls tied to its trading division.

A spokeswoman for Citigroup declined to comment.

The 2015 order is separate from a pair of consent orders ...