Business Standard

Bank of England fines Citigroup 44 million pounds for regulatory failures

BoE's banking supervisory arm, said Citigroup's UK framework for reporting data to regulators was not designed, implemented or operating effectively

Citigroup
Premium

Reuters
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

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in