Overview

• Citi’s original policy required retail firearms clients to adhere to best practices, including background checks, age restrictions and bans on bump stocks and high-capacity magazines.
• The decision follows Republican-led states passing laws to limit perceived political discrimination in banking services.
• Citi will revise its Global Financial Access Policy to explicitly bar discrimination based on political affiliation.
• Bank executives state that account closures are driven solely by anti-money laundering and know-your-customer compliance requirements.
• The change takes immediate effect, ending the seven-year restriction first imposed after the Parkland, Florida school shooting.