The Bank of Ireland has been fined £375,00 by the Financial Services Authority for not having adequate systems to detect money laundering.
Our view
As part of the Criminal Justice Act 1993 and subsequent Money Laundering Regulations it is a requirement to verify the identity of a client or company that is making a financial transaction.
This is the second time in a matter of weeks that the FSA has issued a fine for Money Laundering failings.