Compliance workers remain wary of new regulator enforcement laws

Some professionals believe the Central Bank will be allowed to fine individuals up to €1m for rule breaking

The Central Bank can take enforcement action under the administrative sanctions procedure directly against individuals for breaches of their obligations rather than only for their participation in breaches committed by a firm.

A corporate compliance agency said most professionals are overwhelmingly in favour of new laws that give the Central Bank more sanction powers, but warned that they could financially cripple some workers.

Some professionals believe that the Central Bank will be allowed to fine individuals up to €1m for rule breaking through the changes introduced by the Individual Accountability Framework Act last year, a survey completed by the Compliance Institute showed.