News

The Central Bank of Ireland fined an asset management firm almost half a million euros for breaches of anti-fraud and anti-money laundering rules that allowed a cybercriminal to steal and launder €650,000 from one of its clients, a first for the Irish wealth management industry. In an 11-page settlement agreement published Friday, the regulator cited Dublin-based Appian Asset Management for “defective” anti-fraud controls, inadequate transaction-monitoring policies and procedures, failure to implement an AML program and provide staff with adequate AML training, and a failure to report suspicious transactions. “These failings, combined with a culture in which clients’ instructions were given...