Photographer: Alan Diaz / AP Photo
Photographer: Alan Diaz / AP Photo
Citigroup Inc. hired Ken Blanco, director of the Financial Crimes Enforcement Network, as director of compliance for his newly created financial crime unit.
Blanco worked to combat financial crimes and enforce regulations on money laundering and terrorist financing at FinCEN, an office of the Treasury Department. Prior to that, he spent 29 years in the United States Department of Justice, including the post of Deputy Attorney General and overseeing the investigation of white-collar fraud.
Blanco will start at Citi in the second quarter, according to an internal memo seen by Bloomberg News. He will step down from FinCEN on April 9.
Satisfying regulators and reshaping global operations are among the main challenges faced by Jane Fraser, who became Citi’s CEO in March. Last year, the bank was fined by the Office of the Currency Controller for what the agency called “continued failure to establish effective risk management and governance programs for data and internal controls”.
The bank announced last year that it would create a new Financial Crimes Unit, integrating teams to fight money laundering, sanctions and anti-bribery.
Blanco’s appointment follows a list of recent signings of US regulators by Wall Street. On Thursday, Citadel Securities announced hired Heath Tarbert, the former chairman of the United States Commodity Futures Trading Commission, as its legal director.