Central Bank of Ireland Fines Life Assurance Company €1M for AML Breaches27th November, 2017
THE CENTRAL BANK of Ireland has fined a life assurance company €1 million for four breaches of the Money Laundering and Terrorist Financing Act.
Intesa Sanpaolo Life, the life assurance wing of one of Italy’s largest banks, has admitted the breaches. The company was reprimanded last week.
The Central Bank’s enforcement investigation identified “significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and counter terrorist financing”.
In a statement, the Central Bank said the breaches occurred from the enactment of the Act in July 2010 and continued on average for three years and 11 months.More info