Allied Irish Banks, plc. has been fined €2,275,000 by the Central Bank of Ireland in respect of anti-money laundering and terrorist financing compliance failures. AIB had breached compliance laws six times and are fined for not Preventing Money Laundering The Central Bank found that, between 2010 and 2014, AIB persistently failed to immediately report 211 […]

A Man has been charged this morning in relation to an investigation into alleged investment fraud and money laundering offences involving forestry in Ireland. David Piele (40), a UK National with an address at Rectory Way in Bray, Co Wicklow, was brought before Dun Laoghaire District Court where he was charged with deception. In a […]

Cyber risk in financial firms is a key concern – Central Bank Guidance   Risks associated with information technology and cybersecurity are a key concern for the Central Bank. New Guidance incorporates key findings from supervisory work carried out since 2015.  Firms must increase resilience to IT failures and cybersecurity incidents. The Central Bank has […]

Introduction Following several inspections, thematic reviews and ongoing supervisory engagements throughout the course of 2015 and 2016, the Central Bank of Ireland (the “Central Bank”) has on September 13, 2016 published Cross Industry Guidance in respect of Information Technology and Cybersecurity Risks (the “Guidance”). The Guidance applies to all regulated firms in Ireland and follows […]

It is alleged that an Irish bank – Bank of New York Mellon Investment Servicing (International) in Ireland, which is headquartered in Dublin – used to funnel cash in $114m global bribes scandal US authorities put stay on court order to seize Irish-based assets in telecoms corruption probe, writes Simon Rowe Bribes were allegedly paid […]

On 17 February 2015 the Central Bank of Ireland published a report of its observations in relation to AML/CFT and financial sanctions compliance. The report deals with the Irish banking sector, but the issues identified by the Central Bank will be familiar to compliance professionals working throughout the world and it is useful reading for […]

Jersey has been ranked as the least complex country for multinational enterprises to do business in for the second year running, according to TMF Group’s 2014 Global Benchmark Complexity Index. The far-reaching annual study has ranked 81 jurisdictions across Europe, the Middle East, Africa, Asia-Pacific and the Americas according to how complex they are to […]

What is FATCA? The Foreign Account Tax Compliance Act (FATCA), introduced in the US in 2010, imposes mandatory reporting obligations on what are described as foreign financial institutions (FFIs) and certain Non-Financial Foreign Entities (NFFEs). The main aim of the regulatory regime is to combat tax evasion by US citizens through the use of foreign […]