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Regulatory Update

3rd November 2016

Ireland: Rush Credit Union goes into provisional liquidation

Rush Credit Union was placed into provisional liquidation yesterday following an application by the Central Bank of Ireland amid allegations of money-laundering, the misappropriation of funds and and other financial improprieties. The President of the High Court, Mr Justice Peter Kelly, approved the appointment of Jim Luby and Tom… Read More

1st November 2016

Ireland: Ulster Bank fined €3.3m for anti-money laundering and terrorist-financing failures

Ulster Bank has been fined €3,325,000 by the Central Bank in respect of anti-money laundering and terrorist financing failures. The move comes after Ulster Bank admitted breaching the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010. It is the highest penalty imposed by the Central Bank for such breaches. Read More

31st October 2016

Ireland: Kinahan drug gang set up more than 200 companies

The international crime gang led by veteran Dublin criminal Christy Kinahan has set up 200 companies and has operated in 20 countries, a transnational investigation into his crime empire has found. It found Kinahan has copied the Italian mafia’s “golden rule” of using food companies as a front… Read More

26th October 2016

Ireland is ‘ideal home’ for European banking regulator after Brexit

Ireland has demonstrated its determination to battle with other EU nations over any businesses shaken loose as a result of the Brexit vote, by setting out its case to provide a new home for the London-based pan-European banking regulator. Michael Noonan, the Republic’s finance minister, announced that Dublin wanted to… Read More

24th October 2016

Ireland: The Average Cost Of Fraud To Organisations In Ireland Is €1.7M

Ireland’s cybersecurity conference, Dublin Info Sec 2016, will be coming to the RDS Dublin on November 15th. At the conference, private and public sector cybersecurity expert panels will address IT security topics including the threat of ransomware, human factors in cybersecurity and Ireland’s cyber resiliency, crucially, highlighting IT security tools… Read More

17th October 2016

Ireland: Reports of money laundering jump 40% in two years

There has been a 40% jump in the number of suspicious financial transactions reported to the authorities in the last two years, according to Ireland’s first money-laundering report. The National Risk Assessment for Ireland also said that 32 prosecutions for money laundering were taken between 2011 and 2015. The document… Read More

13th October 2016

Ireland: Budget 2017: Noonan targets offshore tax defaulters

Minister for Finance Michael Noonan has taken aim at the use of offshore accounts to avoid tax, pledging to make it a criminal offence for individuals who fail to disclose accounts or other assets held in tax havens from next year. “The release of the so-called Panama Papers… Read More

12th October 2016

Ireland: AIB, Bank of Ireland and PTSB face €6.5m rise in regulatory fees

AIB, Bank of Ireland and Permanent TSB face having to pay an extra €6.5 million between them this year to cover the cost of being regulated by the Central Bank of Ireland. This emerges in the Central Bank’s guide to funding regulations for 2016, which shows that its budget for… Read More

10th October 2016

Ireland: Central Bank fines KBC Bank €1.4 million

KBC Bank Ireland has been fined €1.4 million by the Central Bank for breaches of the Code of Practice on Lending with respect to “related parties”, which may include directors, senior managers, significant shareholders of the bank and spouses or domestic partners. The breaches of the code occurred from… Read More

23rd September 2016

US moves against money laundering group with Irish links

The United States has moved against what it describes as a major international money laundering network which has operations based in Ireland. The PacNet group, a Canadian international payments processor, was allegedly clearing money based on scams targetting elderly and vulnerable victims involving fake lottery wins, sweepstakes and letters from psychics. Read More

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