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.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.