Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Irish central bank fines AIB 2.3 million euros for regulatory failures

Published 26/04/2017, 00:04
© Reuters. A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin
NWG
-
AIBG
-

DUBLIN (Reuters) - Ireland's Central Bank said on Wednesday it had fined Allied Irish Banks (I:ALBK) 2.275 million euros (£2 million) for "significant failures" in money laundering and terrorist financing controls.

AIB was found to have failed to immediately report suspicious transactions to police and tax authorities and to carry out due diligence on some customers, the central bank said.

AIB said in a statement that all the breaches took place before July 8, 2014 and a comprehensive risk mitigation programme had since been put in place.

Rival Ulster Bank, owned by Royal Bank of Scotland (L:RBS), was fined 3.3 million euros by the central bank last year for similar breaches.

© Reuters. A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.