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, sources told ACAMS moneylaundering.com. In recent months, the Central Bank of Ireland has disclosed enforcement actions against a pair of commercial banks for a range of compliance violations, including failures to periodically update know-your-customer files, properly assess the risks tied to new products and services and report suspicious transactions by deadline. Lenders have responded to heightened compliance expectations by forwarding waves of requests for copies of passports, utility bills and corporate paperwork to...
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.
print