July 29, 2019 / 2:06 PM / 4 months ago

FINRA fines Citigroup for loose background checks

July 29 (Reuters) - The Financial Industry Regulatory Authority said on Monday it has fined Citigroup’s Global Markets business $1.25 million for failing to properly background check thousands of employees between 2010 and 2017.

According to the regulator, the New York-based bank did not conduct “timely or adequate” background checks for roughly 10,400 employees. As a result, it said, the bank employed three individuals with criminal histories in violation of regulatory requirements.

Citi, the third largest U.S. bank by assets, neither admitted or denied the charges. A Citi representative was not immediately available for comment. (Reporting by Imani Moise; Editing by David Gregorio)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below