The Central Bank of Ireland fined Danske Bank for money laundering breaches. Photograph: Alan Betson / The Irish Times
The Central Bank found in its investigation that Danske did not update a historic automated transaction monitoring system, which rolled out in the Irish branch in 2006, when the Criminal Justice Act 2010 came into force in the State. “This led to the erroneous exclusion of certain categories of customers from transaction monitoring, including some customers rated by Danske as high and medium risk,” the regulator said, adding that the shortcomings caused three breaches of the law.
“In May 2015, Danske became aware, as a result of an internal audit report, of the inadequacies in its transaction monitoring system and the nature of the risks they posed, yet it failed to notify the Irish branch of these issues and to take adequate action for almost four years,” it said.
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