Fines for Citigroup for inadequate background checks

Mics Screening Industry News

The Financial Regulatory Authority has fined Citigroup’s Global Markets business $1.25m for neglecting to conduct the needed background checks on thousands of their 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 non-registered employees. As a result, it said, the bank employed at least three individuals with criminal histories, in violation of regulatory requirements.” 


Criminal history checks and finger-printing are amongst those checks required by FINRA for most employees – whether they are to be registered with FINRA to be involved in investment decisions or not.

No matter what the status of a worker (temporary, agency sourced or directly recruited), if they have the same access to locations, colleagues and data, they should all have the same employment screening checks. To ensure their situation and beliefs haven’t changed, a re-screen programme should be implemented every year to check credit history, online postings and a Basic criminal record check. 

Get in touch with us today to discuss re-screens and the general screening options that we can offer.