Citigroup fined over flaws in money laundering safeguards

A US regulator has imposed a penalty of $70 million on Citigroup for failing to address shortcomings in its anti-money laundering policies. The regulator said that the Citibank had failed to fix problems cited six years ago in a complaint. The bank has made "substantial investments" to improve its money laundering protections, a Citigroup spokesperson said.