Citi’s FX Prime business has acquired International Standard on Assurance Engagements 3402 (ISAE3402) certification from external auditor KPMG, which recognises it as a dependable business in terms of client confidentiality.
“The high standard of our services has been confirmed by a successful ISAE3402 certification audit certified by KPMG, which gives our clients confidence that our Chinese walls exist and work properly,” says Andy Coyne, head of FX prime and e-commerce product at Citi.
“We take a lot of time to prove to our clients that their data is secure, that their positions aren’t available to anyone but the PB business and that there is a definite wall between trading and sales and PB,” Coyne says. “However, we decided to go the extra yard and give clients an independent report on the structure of our Chinese walls and how they work such that they are fully assured.”
The audit covered, among others, structure, control, data security, technology, segregation and business policy. The ISAE3402 certification was introduced by the International Auditing and Assurance Standards Board in 2011 to provide customers and clients with independent auditor opinion on the internal control system of organisations that provide transaction processing services. As an international assurance standard it superseded the US audit standard SAS 70 and became effective for assurance reports covering periods ending on or after 15 June 2011.
KPMG’s report of the CitiFX Prime business is available at Citi to all prospects and clients, Coyne says.