PRA fines Citigroup’s UK operations £44 million for failings in their regulatory reporting governance and controls

November 28, 2019

This fine is not related to transaction reporting, but the reporting relating to firms’ capital adequacy, leverage and liquidity. The fine specifically addresses the lack of internal controls for accuracy and completeness of these reports.

“The PRA’s investigation identified that the systems, controls and governance arrangements that underpinned the Firms’ UK regulatory reporting were not designed, implemented or operating effectively”

“Key controls did not ensure the completeness and accuracy of data”

“They failed to allocate adequate human resources to enable them to comply with all of their UK regulatory reporting obligations”

“Their documentation of multiple aspects of their UK regulatory reporting control framework was inadequate”

“Members of the Firms’ senior management and key governance committees had limited understanding”

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Press release

Final Notice