Financial giant Citibank announced today that the company would place restrictions on gun sales by their clients. Specifically, they will require businesses to limit gun sales only to individuals over the age of 21 and require a criminal background check. Currently federal law restricts the sale of rifles and shotguns by anyone under the age of 18 and handguns by anyone under the age of 21. In addition, businesses engaged in the sale of firearms are required to have buyers to complete an ATF 4473 Firearms Transaction Record that contains a National Instant Criminal Background Check System (NICS) questionnaire.
Citibank’s new rules will also forbid the sale of “high capacity” magazines and bump stocks by any client using their business financial services. Additional details and information can be found in the story and links below.
Citibank announced Thursday that it will start requiring clients to place some restrictions on gun sales, including banning the sale of firearms to anyone under the age of 21.
The bank will also require retail clients to only sell guns to individuals who have passed a background check and to not sell bump stocks or high-capacity magazines.
The company announced the changes in a statement condemning gun violence and slamming lawmakers for failing to pass gun control measures. It said the policy would apply to new clients.
“We have waited for our grief to turn into action and see our nation adopt common-sense measure that would help prevent firearms form getting into the wrong hands. That action has sadly never come and as the weeks pass after the most recent mass shooting, it appears we are stuck in the same cycle of tragedy and inaction,” the statement read.
The statement made it clear the bank is not seeking a ban on all guns.
“We want to do our part as a company to prevent firearms from getting into the wrong hands,” the statement said.
The bank said that it would start “due diligence conversations” with the few gun manufacturers that it does business with “to better understand what products they make, what markets and retailers they sell to and what sales practices those retailers follow to ensure adherence to the best practices outlined above.” – READ MORE