Citigroup is requiring clients to adopt stricter standards for firearm sales - here's the memo
US banking giant Citigroup is requiring the companies it does business with to enact stricter standards on gun sales.
Citigroup CEO Michael Corbat announced in a memo Thursday that the bank was instituting a new commercial firearms policy "designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands."
"Over the last several weeks, I have had many conversations with clients, colleagues and friends who hold a range of opinions on the regulation of firearms in the U.S," Corbat said in the memo. "It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground."
The new policy requires its clients to enact the following "best practices":
- Not selling firearms to someone who hasn't passed a background check
- Not selling firearms to anyone under 21 years old
- Not selling bump stocks or high-capacity magazines.
The applies across the firm, including "small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label."
Here's the full memo: