image credit: Flickr / George Rex

Citigroup fined record £43.9m for ‘widespread’ regulatory reporting failures

November 27, 2019


PRA deputy governor Sam Woods says “Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which [the PRA] expect of a systemically important bank”.

The Bank of England, which oversees the PRA and says this is the biggest fine it has imposed on a bank, revealed in a statement that Citi’s failings “persisted over a significant length of time and were serious and widespread in nature”.

“They led to significant errors in the firms’ returns, including six substantive matters which had a material or potentially material impact on the returns.

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