Citigroup headquarters in New York.
Citigroup Global Markets Inc. was fined $1.25 million by the Financial Industry Regulatory Authority on Monday for failing to conduct timely and adequate background checks and fingerprint non-registered associated persons.
From January 2010 through May 2017, CGMI failed to conduct timely or adequate background checks on approximately 10,400 non-registered associated persons, and also failed to fingerprint at least 520 of them until after they began their association with CGMI, thus preventing the firm from determining whether any individuals were subject to statutory disqualification from associating with a FINRA member firm.
The failure to fingerprint resulted in three individuals who were subject to statutory disqualification because of criminal convictions to associate, or remain associated, with the firm.
