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Hong Kong regulator fines Citi unit $45 million -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This Citibank sign was seen in front of the New York branch of Citibank on March 4, 2009. REUTERS/Lucas Jackson/File Photo

HONG KONG, (Reuters) – Hong Kong’s market watchdog has fined a Citigroup (NYSE:) Unit HK$348.25 Million ($44.68 Mio.) by the bank for what it termed serious regulatory failings in client facilitation activities. The blame was attributed to the former senior management of the bank.

Citigroup Global Markets Asia Limited, which operates facilitation trades in Asia from 2008-2018 was alleged by the Securities and Futures Commission.

“This resolves an issue relating to Citigroup Global Markets Asia Limited activities dating back to 2018. “We have cooperated fully with the SFC investigation and have taken significant remedial steps to improve our compliance and internal controls,” said a Citi spokesperson in an email statement.

($1 = 7.7940 Hong Kong dollars)

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