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NEW YORK (TheStreet) -- Citigroup (C) - Get Free Report agreed to take new measures to combat money laundering as part of a consent order reached with federal bank regulators.

The order, made public by the Federal Reserve Tuesday

, constitutes neither "an admission or denial by Citigroup of any allegation made or implied by the Board of Governors in connections with this matter."

The order notes several Citigroup subsidiaries have agreed to comply with regulators including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. "designed to remedy deficiencies" in its compliance with their respective anti-money laundering programs.

As part of the order, Citigroup must take steps including submitting a written plan "to continue to improve governance, structure and operations of the compliance risk management program" regarding money-laundering rules and regulations issued by the Treasury Dept.

In an emailed statement, a Citigroup spokeswoman cited the bank's "substantial progress in strengthening" compliance with bank secrecy and anti-money laundering rules and laws. The statement added the issues raised by the Fed are based on findings by the OCC last year.

-- Written by Dan Freed in New York


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