Saturday September 19, 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: RollingNews.ie

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...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

2 Yearly

€315

€248

Unlimited Access for 2 Years

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Related Stories

The state’s National Cyber Security Centre is constantly dealing with suspected attacks and urgently needs more resources

Michael Brennan | 4 days ago

We are far less reliant on the UK as a trading partner now than in previous decades — our focus needs to switch to the many challenges and opportunities of the future

Neale Richmond | 4 days ago

Covid-19 and an economic crisis are exacerbating the trauma of this month’s explosion, writes a Concern worker on the ground

Dom Hunt | 4 weeks ago