 "Bank of England fines Citigroup 44 million pounds for regulatory failures")
The Bank of England (BoE) fined Citigroup $56.3 million on Tuesday, saying the US banking group’s British operations failed to provide it with accurate regulatory returns between 2014 and 2018.
Imposing its biggest fine to date, the Prudential Regulation Authority (PRA), the BoE’s banking supervisory arm, said Citigroup’s UK framework for reporting data to regulators was not designed, implemented or operating effectively. It is mandatory for banks to report a broad range of data so that regulators can check that they are not taking on too much risk or holding too little capital as a buffer against market shocks.
“While Citi remained in surplus to its liquidity and capital requirements at all times, the failings persisted over a significant length of time and were serious and widespread in nature,” the BoE said.
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