Irish regulators fined Bank of Ireland more than €3 million Tuesday for breaching the nation's anti-money laundering and counterterrorist financing rules on at least a dozen occasions from 2010 to 2015. The enforcement action, which is the third issued against a "Big Four" Irish lender in the past seven months for AML weaknesses, includes the Central Bank of Ireland's first ever finding that a retail financial institution failed to conduct enhanced due diligence on a non-EU correspondent banking relationship as required under the nation's AML law of 2010. The high volume and wide range of breaches at Bank of Ireland...
Irish lenders are struggling to upgrade their compliance programs and reverify the bona fides of many of their long-term clients amid unprecedented penalties for anti-money laundering violations.
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