Central Bank of Ireland fines Danske Bank €1.8m in landmark passport case

The Central Bank of Ireland has fined Danske Bank €1.82m for three breaches of its anti-money laundering and terrorist financing rules in the first such penalty that it has imposed on a financial institution which is incorporated and supervised outside of Ireland, but which operates in Ireland as a branch on a passport basis. In a statement on 15 September, the Dublin-based banking authority said the Criminal Justice Act breaches stemmed from the failure by Danske Bank A/S (Danske) to ensure that its automated transaction monitoring system monitored the transactions of certain categories...