Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
CFTC orders Citi entities to pay $1 million over swap data reporting failures
Fine or penalty
The Commodity Futures Trading Commission (CFTC) issued an order requiring Citibank and Citigroup Global Markets Limited to pay a $1 million penalty to resolve allegations that they improperly reported swap data and violated provisions of a 2017 order. The order also requires the entities to cease further violations, correct information in the CFTC's swap data repository, and update the agency on remediation efforts.
The CFTC issued an order requiring Citibank and Citigroup Global Markets Limited to pay a $1 million penalty to resolve allegations that they improperly reported swap data and violated provisions of a 2017 order. The order also requires them to cease further violations, correct information in the CFTC's swap data repository, and update the agency on remediation efforts.
Source excerpt
Citibank and Citigroup Global Markets Limited will pay a $1 million penalty to resolve allegations of not properly reporting swap data to the Commodity Futures Trading Commission (CFTC) and for violating the provisions of a 2017 order regarding those practices.
The new order, announced Monday, requires Citi to cease and desist from further violations of the Commodity Exchange Act, comply with certain undertakings to correct information to the CFTC’s swap data repository, and update the agency on its remediation efforts.
2020
US banking regulators fine Citibank $400 million
Fine or penalty
US federal banking regulators imposed a $400 million fine on Citibank for deficiencies in risk management and internal controls. The OCC cited unsafe or unsound banking practices and long-standing failures in risk management, data governance and internal controls. Citigroup said it was committed to addressing the issues and had remediation projects underway.
Company response
Remediation — Citigroup
“Citi has significant remediation projects underway to strengthen our controls, infrastructure and governance,” it said.
Ongoing disclosure — Citi
Citi said it was committed to righting its standing with regulators and would commit $1 billion in risk management-related programs in 2020.
Source excerpt
“The OCC took these actions based on the bank’s unsafe or unsound banking practices for its long-standing failure to establish effective risk management and data governance programs and internal controls,” the agency said in an official release.
“Citi has significant remediation projects underway to strengthen our controls, infrastructure and governance,” it said.
Federal banking regulators in the United States on Wednesday levied a $400 million fine on Citigroup for deficiencies in risk management and internal controls.
2020
RBI fines Citibank
Fine or penalty
The Reserve Bank of India fined Citibank for flouting rules; the supplied report does not specify when this fine was imposed.
Source excerpt
RBI fines Citibank Rs 4 cr for flouting rules, co-op banks penalised too
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,
The Reserve Bank of India (RBI) on Friday said it has imposed a monetary penalty of Rs 4 crore on Citibank for contravention of Section 10 (1) (b) (ii) of the Banking Regulation Act, 1949 and for non-compliance with the directions issued by the RBI on several matters.