Citi Receives Finra fines
WASHINGTON, DC – Citigroup has been fined $600,000 by the Financial Industry Regulatory Authority (Finra) for helping its overseas customers to avoid paying US taxes on dividends. Finra said Citi's inadequate supervision and a lack of internal controls or written policies led to trading strategies that were partly designed to evade taxes. However, the broking industry self-regulatory body added the penalty was reduced because Citi reported the abuses itself. The settlement also means Citi
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