- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.”
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Citigroup Global Markets was fined $250,000 by the Financial Industry Regulatory Authority regarding inaccurate trade confirmations to customers.
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.
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.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
