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Bank of Ireland fined €3.15m for breaches of laundering law

30th May,2017

Bank of Ireland has been fined €3.15 million by the Central Bank for breaches to laws aimed at countering money laundering and terrorist financing, including the failure to report six suspicious transactions to the Garda and Revenue Commissioners promptly. According to Derville Rowland, director of enforcement at the Central Bank: “The high volume of breaches uncovered point to significant weaknesses in the strength of Bank of Ireland’s implementation of anti-money laundering and counterterrorist financing legislation. Such behaviour is unacceptable and falls far short of the standard expected of one of Ireland’s largest retail banks.” It marks the second-largest penalty issued in relation to the Criminal Justice (Money Laundering & Terrorist Financing) Act. Ulster Bank was fined €3.325 million last November and AIB was ordered last month to pay €2.275 million for similar violations.

KYC Commentary: This is now the 3rd Irish bank in less than 12-months to be found deficient in administering appropriate procedures to meet the ever-changing and challenging AML/KYC obligations financial institutions are facing today.  One wonders how they plan to deal with the upcoming AMLD4, PSD2, and GDPR regulations.  Companies beware!

 

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