Credit union fined €21k for rules breach

A credit union has been fined €21,000 over its failure to ensure it could prevent and detect money laundering and terrorist financing.

The Central Bank said it had imposed the penalty on the Dublin-based Community Credit Union Limited for breaching regulations.

Central Bank director of enforcement Peter Oakes said the penalty, imposed on the Navan Rd-headquartered union, follows inspections in all regulated sectors of the financial services industry to monitor compliance.