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Euromoney has read through the UK Prudential Regulation Authority’s (PRA) 44-page final notice on the £44 million fine imposed on the UK operations of Citigroup for regulatory reporting failures, so that you don’t have to.
Between 2015 and 2017, the three legal organizations – Citigroup Global Markets Ltd (CGML), Citibank NA London branch and Citibank Europe Plc UK branch – that the PRA supervises had to resubmit a substantial number of returns due to errors in original submissions, some of these multiple times over.
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