Citi group got a 1.2 million used fine for inadequate screening of employees.
The Us financial regulatory authority FINRA defined that over a period of 7 years over 10400 employees were not properly screened leading to failure in the Know your employee process.
As per reported information this led to at least 3 individuals being hired regardless being disqualified for performing at brokerage firms.
The detection of the issue took 18 months.
It was defined that other 140 cases were not clear and the fore FINRA was unable to reach a conclusion.
Those individuals were not brokers themselves, but in any case subject to non eligibility rules.