The PRA has fined Citigroup’s UK operations £44m for failings in their regulatory reporting governance and controls.
The regulator announced it had imposed a combined financial penalty on Citigroup Global Markets Limited (CGML), Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) of £43.9m, for failings related to their internal controls and governance arrangements.
The PRA said this underpinned their compliance with its regulatory reporting requirements, and that between 2014 and 2018, the UK regulatory reporting framework for these firms was not designed, implemented or operating effectively.
The regulator said the failings had ‘persisted over a significant length of time’ and were ‘serious and widespread in nature,’ which led to Citigroup UK failing to submit complete and accurate regulatory returns to the PRA.
“Accurate regulatory returns from firms are vital for the PRA in fulfilling our role,” said PRA deputy governor for prudential regulation and CEO, Sam Woods.
“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.”
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