Citigroup Requiring Business Partners To Place Restrictions On Guns

Citigroup says it will start requiring its corporate clients or partners to place some restrictions on gun sales.

The company announced its new U.S. Commercial Firearms Policy on Thursday.

Under the new policy, Citigroup will instruct retail sector clients or partners to bar gun sales to customers under the age of 21 and to those who haven't passed a background check. The bank will also require clients or partners to stop selling bump stocks and high-capacity magazines completely.

And if they opt not to follow Citigroup's new policy? The company says it will respect their decision and "work with them to transition their business away from Citi."

Citigroup is the first major bank to set restrictions on firearms purchases.

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After the mass shooting at a Florida high school last month, retailers like Dick's Sporting Goods and Walmart raised the minimum age for gun sales to 21.

And other companies decided to end their partnerships with the National Rifle Association.

Citigroup says its new policy is part of an effort to "prevent firearms from getting into the wrong hands."