Losses and lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Citibank Japan
In an extreme reputational incident, Japan’s Financial Services Agency (FSA) ordered Citibank on September 17 to shutter its private banking operations in Japan. Under the terms of the sanctions, Citibank must "suspend all new transactions with its customers beginning September 29 and discontinue all banking operations by September 30, 2005." This is the second time in less than a
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