The Central Bank of Ireland has fined the Bank of Ireland (BOI) €3.15m over anti-money laundering (AML) and terrorist financing compliance failures.

The Central Bank has rebuked BOI for 12 breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act (CJA) 2010. The breaches occurred from the enactment of the CJA 2010 in July 2010 and persisted on average for over three years.

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These breaches have been admitted by BOI.

According to Central Bank, the investigation revealed significant failures in BOI’s AML and counter terrorist financing controls, policies and procedures.

The regulator has also identified areas of non-compliance with the CJA 2010 in relation to BOI’s trade finance business, customer due diligence (CDD) measures and its reliance on third parties to conduct CDD.

Derville Rowland, the Central Bank’s director of enforcement, said: “The high volume and range of breaches uncovered as part of the Central Bank’s investigation into Bank of Ireland point to significant weaknesses in the strength of Bank of Ireland’s implementation of anti-money laundering and counter terrorist financing legislation.

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“Reporting suspicious transactions to the authorities without delay is a fundamental component of an anti-money laundering and counter terrorist financing framework.”

Rowland also said that it is “particularly disappointing” that BOI didn’t report six suspicious transactions to An Garda Síochána and the Revenue Commissioners promptly.

She added: “Furthermore, it is concerning that Bank of Ireland did not identify deficiencies in its processes and procedures relating to enhanced customer due diligence for its non-EU correspondent banking relationships.”