Financial Crime Prevention Policies in China Receive Accolades

Citigroup’s Commitment to Combating Money Laundering and Terrorist Financing

Citigroup has made significant strides in preventing financial crime in China, earning recognition from the country’s central bank. As part of its commitment to combating money laundering (ML) and terrorist financing, Citi has adopted global Anti-Money Laundering (AML) principles and is a member of the Wolfsberg Group, an organization that sets standards for AML controls.

Effective Procedures and Employee Training

In China, Citi strictly adheres to local and US regulations regarding AML and Countering Financing of Terrorism (CFT). The company regularly reviews its procedures to ensure they are effective in preventing financial crime. Additionally, Citi provides training programs for employees to equip them with the latest knowledge and skills.

Recognition from the Shanghai Division of the People’s Bank of China

Two of Citigroup’s staff members, Lili Qin and Beng Soon Yu, were recently recognized by the Shanghai division of the People’s Bank of China (PBOC) as “Outstanding Individuals in AML Work” for 2010. The PBOC praised their dedication, professionalism, and efficiency in enhancing AML capabilities among Shanghai financial institutions.

Protecting Customers from Financial Fraud

In addition to its AML efforts, Citi is also committed to protecting its customers from financial fraud. Every year, the bank conducts reviews with various business lines to identify internal control procedures that are vulnerable to fraud. Anti-fraud education is mandatory for all employees, and:

• 2,069 staff members completed Fraud Awareness refresher training in 2010
• Citi’s commitment to preventing financial crime has been recognized by regulatory bodies in China, underscoring the bank’s dedication to maintaining a safe and secure environment for its customers and the broader financial community.