Press Release
Published April 26, 2017 | View complete press releases list |
Irish central bank fines AIB $2.5 million (€2.3 million) for regulatory failures
Date: April 26, 2017
Categories: riskregulation, Risk and Regulation, Transaction Banking
Keywords: AIB, AML
Ireland's Central Bank said it had fined Allied Irish Banks (ALBK.I) 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 (RBS.L), was fined 3.3 million euros by the central bank last year for similar breaches.
Re-disseminated by The Asian Banker from Reuters
