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Citigroup fined £12.6m by FCA over failures to monitor market abuse

Watchdog hits Citi with another penalty over lax controls

Jane Fraser, chief executive of Citigroup, has been on a mission to improve the bank's processes
Jane Fraser, chief executive of Citigroup, has been on a mission to improve the bank's processes Photo: Getty Images

Citigroup's broker-dealer has been fined £12.6m by the UK financial regulator for failing to properly implement market abuse protocols, as the US bank continues on a years-long project to overhaul its controls.

The Financial Conduct Authority said it was fining Citigroup Global Markets Limited, which oversees its international broker-dealer business, for failing to implement regulation that would allow it to effectively spot potential market abuse.

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