Following an earlier consultation, the FCA has published a policy statement (PS17/8) setting out the final rules which extend the FCA Code of Conduct sourcebook to standard non-executive directors (NEDs) in banks, building societies, credit unions and dual-regulated investment firms and insurance firms. The new rules form part of the new senior management accountability regime […]

Ulster Bank had ‘unacceptable weaknesses’ in its anti-money-laundering framework Ulster Bank Ireland has been hit with a €3.3 million fine for breaches of anti-money-laundering and terrorist-financing regulations. Regulators said the bank had admitted the breaches, which occurred over a six-year period, and said the incidents highlighted “significant failings” in the company’s procedures. Under the Criminal […]

The Central Bank has reprimanded Ulster Bank Ireland and announced fines of more than €3.3m. A Central Bank investigation found the bank had had left itself vulnerable to money-laundering and terrorist financing. The fines are in respect of anti-money laundering and terrorist financing failures, under the Criminal Justice Act. The Central Bank’s investigation identified eight […]