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image credit: Flickr / George Rex

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

November 27, 2019

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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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