Ulster Bank hit with record €3.3m fine after probe

Ulster Bank has been hit with a €3.3m fine by the Central Bank after an investigation found it had left itself vulnerable to money-laundering and terrorist financing.

The fine is the biggest ever issued by the Central Bank for breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010, and brings the total number of fines it has issued this year to various financial institutions to €7.5m.

Ulster Bank Ireland admitted the breaches and settled for the fine of €3.325m, with the Central Bank stating that all matters were concluded last Thursday.