HomeBusinessHong Kong regulator fines Citi unit $45 million

Hong Kong regulator fines Citi unit $45 million

HONG KONG : Hong Kong’s markets watchdog has fined a Citigroup unit HK$348.25 million ($44.68 million) for what it known as critical regulatory failures over consumer facilitation actions, attributing the fault to former senior administration on the financial institution.

The Securities and Futures Commission stated Citigroup Global Markets Asia Limited had allowed buying and selling desks beneath its Cash Equities enterprise to make misrepresentations to institutional shoppers when executing facilitation trades from 2008 to 2018.

“This resolves an issue relating to Citigroup Global Markets Asia Limited activities dating back to 2018. We have fully cooperated with the SFC’s investigation and have implemented significant remedial measures to strengthen our compliance and internal controls,” a Citi spokesman stated in an emailed assertion.

($1 = 7.7940 Hong Kong {dollars})

(Reporting by Alun John; modifying by John Stonestreet)

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