Banking
Danske fined €1.8m over anti-money laundering monitoring failure
Central Bank fine is first on a financial institution incorporated and supervised outside of Ireland
Danske, the Danish bank, has been fined €1.8 million by the Central Bank of Ireland for failures within its anti-money laundering system over a nine-year period.
The regulator announced the penalty this morning in a statement which cited Danske’s erroneous exclusion of certain categories of customers from transaction monitoring.
Transaction monitoring refers to the assessment of current or historical customer information to provide a complete picture of customer activity. It can include transfers, deposits and ...