Monday January 27, 2020

Central Bank hits Ulster Bank with €3.3m fine

Bank's breaches of money laundering prevention rules 'especially concerning'

1st November, 2016
Ulster Bank payment "milestone". Pic:

The Central Bank has fined Ulster Bank €3.325m over breaches of rules aimed at combatting money laundering and the financing of terrorist groups.

The regulator described the breaches as “especially concerning”, as they happened at one of Ireland’s largest retail banks with more than 1.1 million customers.

But this fine is a record for breaches of the money laundering controls. Last year, the Central Bank fined Western Union Payment Services Ireland...

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