UK - The Financial Services Authority has fined Bank of Ireland £375,000 or breaches of its anti-money laundering requirements.
The regulator said that it fined BoI - parent company of Bank of Ireland Asset Management - for failing to have in place systems to detect a series of high-risk, cash transactions worth approximately £2m, which were undertaken in breach of the FSAís policies and procedures.
The FSA said the bank drafts were made payable to BoI and because the identity of the owner of the cash was disguised, were an effective means of money laundering.
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