April 25, 2017 / 11:04 PM / 3 years ago

Irish central bank fines AIB 2.3 million euros for regulatory failures

A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton

DUBLIN (Reuters) - Ireland’s Central Bank said on Wednesday it had fined Allied Irish Banks ALBK.I 2.275 million euros (£2 million) for “significant failures” in money laundering and terrorist financing controls.

AIB was found to have failed to immediately report suspicious transactions to police and tax authorities and to carry out due diligence on some customers, the central bank said.

AIB said in a statement that all the breaches took place before July 8, 2014 and a comprehensive risk mitigation programme had since been put in place.

Rival Ulster Bank, owned by Royal Bank of Scotland (RBS.L), was fined 3.3 million euros by the central bank last year for similar breaches.

Reporting by Conor Humphries; editing by David Clarke

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