The Bank of England have fined Citigroup (NYSE: C) after the US bank failed to provide accurate regulatory returns for the groups British operations between 2014 and 2018.

Shares of Citigroup currently trade at $75 (-0.75%). 26/11/19 14:45BST.

The global banking scene appears to be in decline as firms struggle to stimulate business in a cut throat market.

Established names such as Lloyd’s (LON: LLOY) and HSBC (LON: HSBA) have seen their third quarter profits decline in tough trading conditions.

Additionally, overseas banks including Deutsche Bank (ETR: DBK) appear to be in crisis following a third quarter loss report

Imposing its biggest fine to date, the Prudential Regulation Authority (PRA), the BoE’s banking supervisory arm, said Citigroup’s UK framework for reporting data to regulators was not designed, implemented or operating effectively, according to Reuters.

The Bank of England ensured that it was mandatory for banks to report a broad range of data so regulators can check that they are not taking too much risk or holding small amounts of capital as insurance against market shocks.

“While Citi remained in surplus to its liquidity and capital requirements at all times, the failings persisted over a significant length of time and were serious and widespread in nature,” the BoE said.

“Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight of regulatory reporting which we expect of a systematically important bank,” BoE Deputy Governor and PRA Chief Executive Sam Woods said.

Some of the regulatory returns were unreliable and did not provide the PRA with an accurate picture of the bank’s capital or liquidity position, it added.

Citigroup were quick to defend their actions saying that they have dealt with regulatory issues in the past, and will look to settle the matter at the earliest chance.

“Citi places a high priority on meeting its regulatory reporting requirements, and has devoted significant resources to UK financial reporting before, during and after the period to which the PRA’s notice relates,” the bank said in a statement.

“Citi co-operated fully with the PRA throughout the process, and in 2019 a leading independent accountancy and audit firm confirmed that Citi had remediated the material issues identified.”

The PRA said the fine would have been $62.7 million had Citi not agreed to resolve the matter early.

Australian Bank Westpac (ASX: WBC) have also hit news headlines after their CEO was forced to step down following a money laundering scandal.