BANK OF IRELAND have been fined a total of €3.15 million after admitting to “significant failures” in their anti-money laundering and counter terrorist financing controls.
The investigation into the bank’s controls found that it delayed in the reporting six suspicious transactions to An Garda Síochána and Revenue.
The Central Bank, who issued the fine, found “significant failures” in BOI’s anti-money laundering and counter terrorist financing controls, policies and procedures.
Some of these included risk assessment, suspicious transaction reports, and correspondent banking. The breaches occurred in July 2010 and persisted on average for over three years.
Director of Enforcement, Derville Rowland, said:
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.
“Such behaviour is unacceptable and falls far short of the standard expected of one of Ireland’s largest retail banks.
It is particularly disappointing that another large retail bank failed to submit six time-critical suspicious transaction reports to An Garda Síochána and the Revenue Commissioners promptly.
This case is the Central Bank’s third enforcement action in its investigation of anti-money laundering and counter terrorist financing failures within Ireland’s banking sector.