WASHINGTON The Federal Reserve Board's top anti-money laundering official is headed to the private sector.
Richard Small will join Citigroup as its director of global anti-money laundering beginning in July. Mr. Small, who has spent more than 20 years in enforcement, will oversee and coordinate all of Citigroup's anti-money laundering activities.
Most recently, he served as the Fed's deputy associate director in the division of Banking Supervision. In that role, he oversaw the Fed's enforcement and special investigations sections and was responsible for many of the rules, regulations, policies and procedures that govern how financial institutions must combat money laundering in cooperation with the U.S. government.
Citigroup remains committed to being on the forefront of the global fight against money laundering," chief operating officer Charles Prince said. "We are very pleased that Rick Small will be our new commander-in-chief for this ongoing battle. As the Federal Reserve's expert on money laundering, Rick's knowledge and background is unparalleled.
Joining the Fed in 1989, Mr. Small was largely responsible for the Fed's investigations and prosecutions regarding the worldwide activities of the Bank of Credit and Commerce International.