Money laundering breaches land Bank of Ireland with 375,000 fine

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.'

0
Be the first to vote

Rate this article

Related Articles
Subscribe