For failing to adequately implement laws against market manipulation, Citigroup was fined $15 million by the Financial Supervisory Authority of the United Kingdom.
The statement from the authority claims that several transactions involving the use of illegally obtained information and market manipulation were not effectively monitored by the rules enforcement teams in the brokerage division of American Banking Group.
The agency added that between November 2015 and January 2018, it identified abnormalities in Citigroup Global Markets’ trading monitoring systems.
Notably, there is increasing pressure on Citigroup, which oversees the world’s largest investment banking industry, to strengthen control mechanisms and ensure compliance with financial market regulations.
The Bank of England fined Citigroup in 2019 for altering data on the company’s liquidity and capital levels over time, while the corporation received a 400 million dollar fine in the United States in 2020 for repeated issues with its risk management systems.
Britain fines Citigroup 12.6 million pounds due to anti-fraud laws.
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