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Bank of Ireland fined 3.15m euros for breaching money laundering rules

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Staff Writer |
Bank of Ireland
Banking   12 breaches of the 2010 criminal justice act

The Central Bank of Ireland on Tuesday fined the Bank of Ireland (BOI) 3.15 million euros for breaches of money laundering and terrorist financing regulations.

In a statement, the central bank identified 12 breaches of the 2010 criminal justice act as a result of significant failures in the commercial bank's anti-money laundering and counter terrorist financing controls, policies and procedures.

One of the 12 breaches refers particularly to the commercial bank's failure to report suspicious transactions without delay to Irish police and revenue authorities, the central bank said.

The breaches occurred from the enactment of the criminal justice act in July 2010 and persisted on average for over three years, it said.

"This case marks the central bank's third enforcement action in an extensive and rigorous program of investigation of anti-money laundering and counter terrorist financing failures within Ireland's banking sector," said Derville Rowland, the central bank's director of enforcement.

"The high volume and range of breaches uncovered as part of the central bank's investigation into Bank of Ireland point to significant weaknesses in the strength of Bank of Ireland's implementation of anti-money laundering and counter terrorist financing legislation," she said.

"Such behavior is unacceptable and falls far short of the standard expected of one of Ireland's largest retail banks," she added.

The Bank of Ireland, which is 14 percent owned by the government, is one of the traditional "Big Four" Irish banks.


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