Citigroup broker-dealer fined $15M for inadequate U.K. trade monitoring
By 
Aaron Nicodemus2022-08-19T17:03:00
Citigroup’s international broker-dealer was fined 12.6 million pounds (U.S. $14.9 million) by the U.K.’s Financial Conduct Authority (FCA) for failing to implement an adequate trade surveillance program required by British law.
The FCA announced Friday that Citigroup Global Markets, a London-based subsidiary of Citigroup, failed to “properly implement the Market Abuse Regulation (MAR) trade surveillance requirements relating to the detection of market abuse,” which include insider trading and market manipulation.
Citigroup Global Markets failed to comply with the regulation when it took effect in 2016, and the FCA said the broker-dealer took 18 months to “identify and assess the specific market abuse risks its business may have been exposed to and which it needed to detect.”
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFINRA fines Citigroup unit $250K over trade designations
Citigroup Global Markets was fined $250,000 by the Financial Industry Regulatory Authority regarding inaccurate trade confirmations to customers.
-
News BriefSEC fines Citigroup unit $2.9M for underwriting record failures
The Securities and Exchange Commission fined Citigroup Global Markets $2.9 million as part of a settlement addressing alleged recordkeeping failures concerning underwriting expenses that occurred for at least a decade.
-
ArticleRegs order Citi to address unresolved data management woes
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
More from Regulatory Enforcement
-
ArticleTariff evasion enforcement: The new FCPA
Companies that import goods into the United States will face heightened enforcement scrutiny for attempted acts of customs fraud, including tariff evasion, under the Trump administration. Thus, chief compliance officers and in-house counsel face a new kind of pressure to ensure they are mitigating risk in this area.
-
ArticleFormer COO of plastics importer faces up to five years for customs falsifications
The chief operating officer of a plastic resin importer has pleaded guilty to intentionally falsifying documents to avoid paying tariffs on goods from China, the Department of Justice (DOJ) announced.
-
ArticleCybercrime against banks and account holders takes hit from FBI
Federal investigators have announced progress in dismantling an online criminal operation that steals bank account information by mimicking legitimate bank websites.