Citigroup Inc. Fined $136 Million for Data-Quality Management and Risk Control Failures

Thursday, 11 July 2024, 14:54

Citigroup Inc. faces a significant fine of $136 million from US bank regulators due to failures in data-quality management and risk controls. The regulatory issues surrounding Citigroup's operations have led to this substantial penalty, highlighting the importance of adherence to compliance standards in the financial industry. The fine signals a clear message to financial institutions regarding the critical nature of robust risk management and regulatory compliance.

Yahoo Finance — Citigroup Inc. Fined $136 Million for Data-Quality Management and Risk Control Failures

Citigroup Inc. Fined $136 Million

Citigroup Inc. will pay almost $136 million in fines to US bank regulators over issues related to data-quality management and risk controls.

Regulatory Improvement Needed

The fine serves as a warning to financial institutions about the repercussions of inadequate data-quality management and risk control measures.

Impact: The hefty fine emphasizes the critical importance of regulatory compliance in the financial sector.
Consequence: Citigroup's penalty underscores the need for financial institutions to address compliance issues promptly.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.