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November 27, 2019

Citi Fined £44 Million For Incorrect Regulatory Reporting

The Bank of England’s PRA has fined Citigroup Global Markets £43.9 million for failings in relation to their internal controls and governance arrangements, which underpin compliance with PRA regulatory reporting requirements. As a result, between 19 June 2014 and 31 December 2018, they failed to submit complete and accurate regulatory returns to the PRA.

Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA said, “Accurate regulatory returns from firms are vital for the PRA in fulfilling our role. Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which we expect of a systemically important bank.”

The PRA’s investigation identified that, although during the period under investigation Citi had begun to undertake a significant remediation programme to address data quality issues, the internal controls and governance arrangements which underpinned Citi’s UK regulatory reporting were not designed, implemented or operating effectively. They were therefore inadequate to ensure accurate regulatory reporting for an organisation of Citi’s size, complexity and systemic importance. This led to the significant number of errors and misstatements identified in Citi’s returns.


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