Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

Banking, Compliance

Bank of Ireland fined €24.5 Million by Central Bank for IT and internal control failures; Central Bank spokesperson criticises bank for ‘extent and duration’ of 11-year breach

By Elizabeth Hearst for AMLi

The Central Bank of Ireland has today revealed it has fined Bank of Ireland €24.5 Million for IT and internal control failings over an 11-year period. 

In a statement, the Central Bank said it had reprimanded the bank for failures to have a “robust framework in place to ensure continuity of service for the Firm and its customers in the event of a significant IT disruption”.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!