Irish central bank levies record fine for AML and CFT breaches
Failures occurred over “extended period of time”, central bank says
The Central Bank of Ireland has levied its largest ever fine for breaches of anti-money laundering and counter-financing of terrorism (AML/CFT) regulations.
Ulster Bank Ireland DAC was fined €3.325 million ($3.6 million) under Ireland's Criminal Justice (Money Laundering and Terrorist Financing) Act, which was passed in 2010 and superceded earlier legislation. The breaches had occurred over a six-year period from July 2010 – when the law was passed – until 2016, the central bank said. A
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