By PAUL O’DONOGHUE, Senior Correspondent
IRELAND’S Central Bank has appointed Karen O’Leary as its next Director of Enforcement.
The regulator’s Enforcement division oversees AML. It also leads investigations which can result in fines or other corrective measures.
O’Leary’s term will begin in January 2026. She replaces Colm Kincaid, who recently became Deputy Governor, Consumer & Investor Protection.
O’Leary most recently led the Central Bank’s Currency, Workplace & Regulatory Services Directorate. She also previously ran the Payments & Securities Settlements Division. Before that, she headed the Organisation Development Division.
Governor Gabriel Makhlouf said O’Leary brings extensive experience in financial services, consumer protection and Central Bank operations.
“Karen’s leadership will be critical in continuing the delivery of our enforcement strategy in a rapidly changing financial system,” he said.
“The Central Bank’s enforcement strategy is aimed at promoting principled and ethical behaviour in regulated entities. The Central Bank takes appropriate action where regulated entities and individuals fall short of expected standards.”
O’Leary’s experience in consumer protection spans several senior roles. She served as a Commission Member at the Competition & Consumer Protection Commission (CCPC) from 2014 to 2017.
During that period, she oversaw criminal enforcement and legal services. She also acted as co-decision maker on all civil enforcement matters. She has also served as CEO of the National Consumer Agency until its merger with the Competition Authority to create the CCPC.
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