AIB fined €2.2m for money laundering failures

AIB has been fined €2.275m for antimoney laundering and terrorist financing compliance failures by the Central Bank after admitting six breaches of the Criminal Justice Act.

It is the second highest fine imposed by the Central Bank for money laundering failures after Ulster Bank was fined €3.325m in October 2016. It is also in the top 10 fines ever imposed by the Central Bank.

The Central Bank said it identified six breaches of the 2010 act “as a result of significant failures in AIB’s antimoney laundering and counter-terrorist financing controls, policies, and procedures”. It said the breaches occurred after the enactment of the act in July 2010 and persisted on average for over three years.