Bank of England fines ‘Citi group’ heavily over regulatory reporting failures

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The Bank of England said on Tuesday it fined America’s third-largest bank Citigroup nearly 44 million pounds for failures in their regulatory reports.

The Bank of England’s Prudential Regulation Authority (PRA) levied the penalty of 43.9 million pounds on the UK operations of the American banking giant for failing to submit complete and accurate returns to the PRA between 2014 and 2018.

While Citi remained in surplus to its liquidity and capital requirements at all times, the failings persisted over a significant length of time and were serious and widespread in nature, the Bank of England 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,” PRA Chief Executive Officer Sam Woods said.

Citi would have been fined 62.7 million pounds initially but its cooperation with the PRA to resolve the matter qualified for a 30 percent reduction in the fine, according to the Bank of England. (1 pound = 1.28 U.S. dollars)