BaFin stated that the bank was fined 12.98 million euros after an employee at Citigroup, who was trading stocks, caused market turmoil in May 2022 due to an erroneous entry.
The statement noted, "In May 2022, Citigroup Global Markets Europe AG did not have appropriate systems and risk controls in place to ensure that trading systems were subject to appropriate trading thresholds and limits.
The investment services firm also failed to ensure that erroneous orders were not transmitted," the statement read.
The British regulatory body, the Financial Conduct Authority (FCA), had also fined Citigroup 61.6 million pounds in May due to inadequate controls.
News Source: AA
