A credit union has been fined €21,000 over its failure to ensure it could prevent and detect money laundering and terrorist financing.

The reputation of Ireland Inc has taken a battering, and it is now up to the directors of banks and financial institutions to set an example and ensure regulations are observed, the Central Bank’s director of Enforcement, Peter Oakes, said yesterday.

Ulster Bank has been fined €1.96m by the Central Bank following a number of breaches of liquidity and capital requirements.

Ulster Bank has been fined just less than €2m over liquidity risk management failures, it has been revealed.

The Central Bank has fined Bank of Ireland Mortgage Bank €120,000 and given it an official reprimand for breaching the Asset Securities Act 2001.

Alico, a subsidiary of Met Life insurance, has been fined €3.2m by the Central Bank for various breaches of insurance law.

The Central Bank has fined Aviva almost €500,000 for breaches of consumer protection codes in both its life and pensions and its health divisions.

Insurer Aviva has been fined almost €500,000 by the Central Bank for breaches of the Consumer Protection Code in relation to the proper handling of customer complaints.

The Central Bank will prioritise legislation on mortgage arrears over the next year it said yesterday.

THE Central Bank has imposed its biggest ever fine — €3.35 million — on a single company for breaching regulations.

AIB has been fined a record €2 million for breaches of lending regulations by the Central Bank.

THE Central Bank has made the first appointments to its new Risk Advisers Panel – the vehicle announced earlier this year to assess risk management standards at the main banks.

The chief executive of fast food giant McDonald’s has defended his company’s plan for reviving lacklustre US sales after analysts panned it and shares sank to yet another seven-year low.