The PRA had repeatedly warned the bank about the “poor state of its trading controls” and the bank’s own compliance and internal risk functions flagged their unsatisfactory state on multiple occasions. A number of incidents, audits and compliance reviews, beginning in 2018, all underlined their persistent weakness and culminated in
Citi incurs £61.6m in fines for lack of effective trading controls
Deficiencies compounded human error and led to the accidental execution of $1.4 billion of erroneous orders.