Allied Irish Banks, p.l.c. fined € 2,275,000 by the Central Bank of Ireland in respect of anti-money laundering and terrorist financing compliance failures
The Central Bank of Ireland (the ‘Central Bank’) fined Allied Irish Banks, p.l.c. (‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’). All six breaches have been admitted by AIB.
The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti-money laundering and counter terrorist financing controls, policies and procedures. The breaches occurred after the enactment of the CJA 2010 in July 2010 and persisted on average for over three years. They included AIB’s failure to:
• Report suspicious transactions without delay to An Garda Síochána and the Revenue Commissioners.
• Conduct customer due diligence (‘CDD’) on existing customers who had accounts prior to May 199
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