Citi declined to comment to FT on this report. Last month, Citi CFO Mark Mason said the bank is investing more to address its compliance issues, referring to regulatory penalties for risk management and data governance. "We saw the need to invest more in the transformation on data, on technology, on improving the quality of the information coming out of our regulatory reporting," Mason said. Last July, Citi was fined $136 million for insufficient progress in tackling those issues and in 2020, it was fined $400 million for some risk and data failures. (Reporting by Janaki Venugopalan and Pretish M J in Bengaluru ; Editing by Savio D'Souza and Mrigank Dhaniwala)