The Central Bank has imposed a fine of €98,000 on Bray Credit Union, for failing to comply with Ireland’s laws on money laundering and terrorist financing.
The lender was also reprimanded for breaches of the act that regulators found had persisted for as long as five years and seven months.
Bray Credit Union is one of the busiest Credit Unions in the country with almost 27,000 members.
The law requires all credit and financial institutions to adopt and implement adequate policies and procedures appropriate to their business to prevent and detect the commission of money laundering and terrorist financing.
All of the breaches – apart from one – persisted for five years and seven months, and have been admitted by Bray Credit Union.
The Central Bank said the breaches represented “significant failings” in Bray Credit Union’s “anti-money laundering and the countering of the financing of terrorism” framework and procedures.