1. Financial Crime & AML/CFT
  2. Central Bank of Ireland
  3. Enforcement Actions / Settlement Agreements
  4. 2017
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  1. Public statement relating to Settlement Agreement between Central Bank of Ireland and Intesa Sanpaolo Life dacenf
Published date: 27 November 2017

Public statement relating to Settlement Agreement between Central Bank of Ireland and Intesa Sanpaolo Life dacenf

Intesa Sanpaolo Life dac fined €1,000,000 by the Central Bank of Ireland in respect of anti-money laundering and terrorist financing compliance failures

On 23 November 2017, the Central Bank of Ireland (the ‘Central Bank’) fined Intesa Sanpaolo Life dac (‘Intesa’) €1,000,000 and reprimanded it for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’). Intesa admits the four breaches. 

The Central Bank’s enforcement investigation identified significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and counter terrorist financing (‘AML/CFT’). The breaches occurred from the enactment of the CJA 2010 in July 2010 and continued on average for three years and eleven months. The breaches comprised of failures by Intesa relating to:

  • Risk assessment: assessment of money laundering/terrorist financing (‘ML/TF’) risks specific to its business.
  • Customer due diligence:
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