Consumer complaint received 2020-12-29
Company: CITIBANK, N.A.
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Closing an account
Sub-issue: Company closed your account

Complaint:
I opened my accounts with Citibank, XXXX XXXX XXXX NY, since XXXX. 
Further, I provided the bank with all my personal confidential information for my business and my family since XXXX, and again for KYC ( know your client ) process in XXXX, and again XXXX, and again XXXX. 
Citibank closed my accounts with no responsible business justification. 
The accounts were approved with Citibank and with XXXX, and I proceeded to work with Citibank and invested over XXXX XXXX USD ; I paid high commissions on many transactions including trading accounts, asset management, private Equity HH pre IPO offshore Feeder Fund II GP, ltd, IPO transactions, preferred securities. 
I also produced business for Citibank by opening accounts with Citibank in New York, and Citibank in XXXX XXXX. 
Citibank, in XXXX directed me into a forced and wrongful withdrawal of all my accounts including my business accounts in XXXX XXXX and New York. 
Citibank has no sufficient process to safeguard client information and lacks accountability to manage adequate staffing and is incompetent and has created conflicts of interest and for clients has mismanaged policies and procedures. 
I paid Citibank commissions and I had a contract which the General Partner of the feeder fund ; the General Partner was directed to discontinue its relationship and proceeded to effectively withdraw me on XX/XX/XXXX ( the Effective Date ). 
Citibank was negligent, disorganized, and lacked in due diligence and in communications to properly and diligently verify my personal information ; Citibank created errors and miss managed my personal information due to deficient process with KYC and AML. 
XXXX XXXX Branch Office Managers and Bankers : Internal KYC and AML and compliance should have internal notes including all emails and logged phone calls. Any claims that I was not in communication to confirm information for my account activity is a false statement and should be interpreted legally as a material misstatement and omission of information by Citibank. 
I have reviewed the news that Citibank is deficient in enterprise-wide risk management, compliance risk management, data governance, and internal controls. 
The Office of the Comptroller of the Currency ( OCC ) assessed a {$400.00} XXXX civil money penalty against Citibank, N.A, of XXXX XXXX, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. 
The OCC took these actions based on the banks unsafe or unsound banking practices for its long-standing failure to establish effective risk management and data governance programs and internal controls I have been penalized due to the Citibank negligent business practices, negligent related deficiencies, negligent data governance, and overall negligence in lack of internal controls. 
Citibank used my cash about {>= $1,000,000} USD, since XXXX. CPWM profited from my investment accounts as also Citibank retail. 
I have been penalized and I have suffered personal hardship with my family and my business, and I have suffered financial losses due to errors in Citibank business practices. 
I paid commissions on many transactions including trading accounts, asset management, and private Equity HH pre IPO offshore Feeder Fund II GP, ltd., IPO transactiona and preffered securities I request that Citibank reimburses me for all the commissions I paid to Citibank for all transactions for all my accounts since XXXX. 
I have been sick over the hardship to my personal business, and I incurred in losses and damages in excess of XXXX usd and I have incurred medical economic losses due to my illness of XXXX USD. It has been months of high stress and hardship that Citibank caused me unnecessarily. 
I have submitted to Citibank the terms of economic harm including out-of-pocket losses that resulted from the errors and violations by Citibank in effectively closing down my personal and business accounts. 
Thank You

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation