Money-laundering fine a ‘stain’ for AIB

AIB’s failure to comply with anti-money laundering reporting procedures was a stain on the lender, chairman Richard Pym has said. There was “no excuse” and the failing was “a stain” on the bank, he told shareholders.

The Central Bank announced this week it had fined AIB €2.275m for its failures to comply with anti-money laundering and terrorist financing reporting procedures.

It was the second highest fine imposed by the Central Bank for money-laundering failures. The regulator said the breaches occurred after the enactment of the legislation in July 2010.