Citigroup hit with $57m fine in UK for incorrect reporting

LONDON: Citigroup Inc was fined £44 million ($57 million) by the Bank of England for years of inaccurate reporting to regulators about the lender’s capital and liquidity levels.

The central bank’s Prudential Regulation Authority said that between June 2014 and December 2018, two of the Wall Street firm’s units in the UK had flaws in the systems they used to report financial information to regulators, as well as failings in internal governance.

There were significant errors in reports that had “material or potentially material impact on the returns,” according to the PRA.