The PRA had repeatedly warned Citigroup Global Markets Limited (CGML) 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
Learning the lessons of the Citi ‘fat finger’ trading case
The Citi case highlighted compliance deficiencies compounded by human error. Here are some practical tips to avoid making the same mistakes.