Irish central bank levies record fine for AML and CFT breaches

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The Central Bank of Ireland
William Murphy

The Central Bank of Ireland has levied its largest ever fine for breaches of anti-money laundering and counter-financing of terrorism (AML/CFT) regulations.

Ulster Bank Ireland DAC was fined €3.325 million ($3.6 million) under Ireland's Criminal Justice (Money Laundering and Terrorist Financing) Act, which was passed in 2010 and superceded earlier legislation. The breaches had occurred over a six-year period from July 2010 – when the law was passed – until 2016, the central bank said. A

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