The Office of the Comptroller of the Currency has lifted a 2012 consent order against Citigroup Inc. over deficient compliance with anti-money laundering laws and the Bank Secrecy Act, Bloomberg News reported, citing a staff memo from CEO Jane Fraser.

The consent order stated that the deficiencies were preventing Citigroup from identifying risky customers and monitoring client relationships, according to the report.

The lifting of the consent order is a win for Citigroup, which has been working to address two other consent orders with the OCC and the Federal Reserve stemming from 2020, the news outlet noted.

Fraser said in the memo that Citigroup has "worked very hard" to address the issues by strengthening internal controls, independent testing and how the bank conducts due diligence, according to the report.