Citigroup Inc. will pay a $400 million fine over deficiencies tied to its risk management and internal controls, the Office of the Comptroller of the Currency said in a Wednesday statement.

The OCC also said Citigroup must seek the regulator�s non-objection before making significant new acquisitions, according to the statement. The OCC added that it may implement additional business restrictions or require changes in senior management should the bank not address its shortcomings.

The OCC took these actions based on the bank�s unsafe or unsound banking practices for its long-standing failure to establish effective risk management and data governance programs and internal controls, the regulator said.

Citigroup was also hit with a Wednesday sanction from the Federal Reserve, which gave the bank a series of deadlines to analyze and report back on how it�s fixing its risk-management problems and holding senior management accountable.

Source: Bloomberg Law