WICKLOW, Ireland—The Central Bank of Ireland has imposed the fine of €98,000 on Bray Credit Union Limited for not doing enough to prevent money laundering.
Specifically, the Central Bank fined the CU for breaches of the Criminal Justice Money Laundering and Terrorist Financing (AML/CFT) Act 2010, according to the Irish Independent.
The Central Bank also reprimanded Bray, one of the largest CUs in Ireland, for breaches of the act that regulators found had persisted for as long as five years and seven months.
"The Central Bank is concerned that a credit union of its size and scale was found to have breached key AML/CFT requirements for such an extended period of time," director of enforcement Derville Rowland, told the Independent. "The failure by Bray Credit Union to apply adequate identification and verification measures to members and to scrutinize their transactions meant that it lacked critical information to allow it to properly fulfil its obligations to monitor, identify and report unusual and potentially suspicious activity and created an unacceptable risk of money laundering and terrorist financing."
The Independent reported that the CU accepted the findings but was unaware that it had facilitated money laundering.