The Bank of England (BoE) has fined the British arm of US Citigroup a record £44m for “serious and widespread” errors over their regulatory reports.
BoE’s Prudential Regulation Authority (PRA) slapped the Us banking giant with the record fine as the bank failed to submit complete accurate returns between June 2014 and the end of 2018.
The PRA said this meant the unreliable regulatory reports did not provide a full and accurate picture of their financial strength.
According to the PRA, issues over governance and oversight where highlighted due to the returns containing “significant” amount of errors and mis-statements.
Sam Woods, deputy governor for prudential regulation at the BoE and chief executive of the PRA said, “Accurate regulatory returns from firms are vital for the PRA in fulfilling our role.
“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.”
The UK arm of Citibank’s initial £62.7m fine was reduced by 30% for their co-operation with the PRA.