(DOC) Treaties, Conventions or Agreements in Australia

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CITIGROUP

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Contents
Introduction......................................................................................................................................1
Legislative regulatory framework....................................................................................................1
Treaties, conventions or agreements in Australia............................................................................3
Conclusion.......................................................................................................................................5
Reference.........................................................................................................................................6

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Introduction
Citigroup Inc. is an American multinational investment bank that provides financial services to
customers and it’s headquartered is in New York. In Australia, it was opened in 1985 and it is
considered the largest international bank. In Australia, the headquarter is in Sydney and the
company employs approx. 1,200 employees (Citgroup, 2019). Citigroup in Australia operates in
providing financial services. The company includes two businesses as a Global consumer group
and Institutional clients group. In the group of global consumers, consumer banking services are
provided which includes transaction accounts, currency deposits, investment, insurance, credit
cards, and mortgages. It provides online as well as mobile banking services. In the case of the
Institutional Clients group, the services of banking and investment are provided to corporates,
government and institutional investors. It operates the business in banking, capital market,
services of securities and provides trade and treasury solutions. Citigroup includes more than
214,000 employees globally (Citgroup, 2019).
Legislative regulatory framework
Citigroup deals in financial and banking services. In Australia, the organization is required to
face the legislative regulatory framework for growth. Citigroup in Australia is required to adopt
the legislation of foreign exchange controls. In Australia, the banking and financial sector is
required for implementing with the Anti-Money Laundering and Counter-Terrorism Financing
Act and sending Australian currency out of Australia is permitted. The Citi group is required to
follow the framework of the regulations.
Australian consumer Act includes the deregulatory reforms for the council of the Australian
Government. The Australian consumer law includes the protection law. Citigroup is required to
follow the law for the protection and expectations of consumers. MNCs have obligations and
responsibilities operate in Australia (Calathes and Yeager, 2016). ACL includes the competition
and consumer Act 2010. It includes the core protection for the consumers from misleading
conducting deceptive, unconscionable or any unfair means. The certain aspects of regulations are
included for the transaction of consumers as a system for providing guarantees on goods and