Central Bank fines credit union for breaches of anti-money laundering requirements

Investigation found Donegal credit union failed to conduct necessary anti-money-laundering checks on depositors and the transactions over a seven-year period

An investigation found Swilly Mulroy Credit Union operated a practice of soliciting and accepting cash from depositors who did not hold accounts with the credit union.

The Central Bank of Ireland has fined Donegal-based Swilly Mulroy Credit Union just over €36,000 for breaches of anti-money laundering requirements over a seven-year period.

Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, firms are required to put in place safeguards against the risk of money laundering.