Ireland: Ulster Bank fined €3.3m for anti-money laundering and terrorist-financing failures
01 Nov 2016

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.

The Act requires credit and financial institutions to implement adequate policies and procedures to prevent and detect the commission of money laundering and terrorist financing.

The breaches occurred over a six-year period, from the enactment of the Act on 15 July 2010 until 2016.

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