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.
Despite Citi failing to comply with the 2017 mandate, the CFTC lauded the bank for its full cooperation with the agency’s investigation. 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.
