Intesa penalty brings Central Bank fines to €6.8m

Italian life assurance firm Intesa Sanpaola has been fined €1m by the Central Bank for breaching money laundering and anti-terrorism laws — bringing total fines issued by the watchdog for breaches of money laundering rules this year to more than €6.8m.

Italian life assurance firm Intesa Sanpaola has been fined €1m by the Central Bank for breaching money laundering and anti-terrorism laws — bringing total fines issued by the watchdog for breaches of money laundering rules this year to more than €6.8m.

The Central Bank said Intesa was fined €1m and reprimanded for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. Intesa admits the four breaches, the watchdog added.