Lax money-laundering controls worry bank

Central Bank inspectors have raised concerns over lax controls in financial institutions aimed at combating money laundering and terrorist financing.

The revelations come as the Government pushes through new money laundering legislation implementing tighter international laws.

The Central Bank said it found “a significantly lower level of compliance” than it expected in its inspections. It has responsibility for monitoring financial and credit institutions and last year conducted a “programme of inspections” across the financial services industry.