Bank of Ireland fined after 'high-risk' cash transactions discovered

Britain's Financial Services Authority (FSA) has today fined the Bank of Ireland (BoI) £375,000 (€551,875) for failing to have in place systems to detect a series of high-risk, cash transactions worth approximately £2m (€2.9m), which were undertaken in breach of their policies and procedures.

"These transactions appear to be suspicious and are currently being investigated by law enforcement," the FSA said in a statement today.