July 29, 2019 / 2:05 PM / 6 months ago

FINRA fines Citigroup for loose background checks

July 29 (Reuters) - The Financial Industry Regulatory Authority said on Monday it has fined Citigroup's Global Markets business $1.25 million for failing to properly background check thousands of employees between 2010 and 2017.

According to the regulator, the New York-based bank did not conduct "timely or adequate" background checks for roughly 10,400 employees. As a result, it said, the bank employed three individuals with criminal histories in violation of regulatory requirements.

Citi, the third largest U.S. bank by assets, neither admitted or denied the charges. A Citi representative was not immediately available for comment. (Reporting by Imani Moise; Editing by David Gregorio)

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