Allied Irish Banks plc Fined for not Preventing Money Laundering

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Source: Organised Crime and Corruption Reporting Project, 26 April 2017

“Ireland’s Central Bank announced Wednesday it had fined Allied Irish Banks Plc (AIB) – one of the country’s “big four” commercial lenders – €2.27 million (US$ 2.47 million) for “significant failures” in preventing money laundering and terrorist financing.”

“The Central Bank found that, between 2010 and 2014, AIB persistently failed to immediately report 211 suspicious transactions to police and tax authorities.

AIB also failed to ensure that approximately 573,000 customers who had held accounts since before 1995 had provided a proof of address and identification.”

Source article here

 

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