The Financial Services Authority has fined the Bank of Ireland (BoI) 375,000 for failing to have in place systems to detect a series of high-risk, cash transactions worth about 2m.

The transactions appear to be suspicious and are currently being investigated.

Philip Robinson, financial crime sector leader at the FSA, said: 'These transactions were high-risk in terms of providing scope for money laundering and were in breach of BoI's policies and procedures. Furthermore, they continued for a period of four years. BoI did not establish adequate systems and controls to monitor the issuing of bank drafts.'