Citigroup Global Markets Limited

On 26 November 2019, the PRA issued Citigroup Global Markets Limited (CGML), Citibank N.A. London Branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (“Citi”) with a financial penalty of £43,890,000 pursuant to section 206 of the Financial Services and Markets Act 2000. The reason for this action was that, between 19 June 2014 and 31 December 2018, Citi breached relevant requirements under the PRA Rulebook. Specifically, CGML and CBNA London breached Fundamental Rule 6 (a firm must organise and control its affairs responsibly and effectively). CBNA London and CEP UK also breached the Branch Rule Return (requires incoming and third party firms to provide the PRA with specified information) and all three firms breached Rule 6.1 of the Notifications Part of the PRA rulebook (firms must take reasonable steps to ensure the information they submit to the PRA is complete and accurate).    A copy of the Final Notice can be found on the Bank of England’s website and can be accessed here: