THE CENTRAL Bank has warned that the country’s banks and financial institutions are failing to fully comply with the law on money-laundering.
In a letter to the chief executives of all Irish-regulated banks and financial institutions in the country, the Central Bank’s anti-money-laundering supervisory team has warned that the regulator may take enforcement action against institutions that are found to be in breach of the law.
The warning comes on foot of an 18-month inspection process that audited 60 financial institutions across the country. These included banks, credit unions and insurance companies.
The inspections revealed a “significantly lower level of compliance” with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 than had been expected, the letter states.
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