Thursday, June 21 11:28:58
The Central Bank has slapped a E65,000 fine on the Dublin unit of Swiss-based UBS International Life Limited for failure to comply with rules designed to tackle money laundering and financing of terrorism.
The company was found to be in breach of Section 54 (6) of the Criminal Justice Act 2010.
The financial sector watchdog said that the breaches were identified during an inspection of the firm in December 2010 conducted by the central bank's anti-money laundering and counter terrorist financing supervisory unit.
Following the inspection, an examination was conducted by the central bank's enforcement directorate.
The sanctions are one of the first of their kind under this legislation. Revised legislation relating to money laundering came into force in Ireland in mid-2010, bringing Ireland into line with EU requirements. It applies to all credit and financial institutions operating in the State.
The Central Bank found that the company had breached the legislation on three counts - failure to instruct its staff on the law regarding money laundering and terrorist financing between July and December 2010, a failure to comply with its obligations to identify and verify third-party customers, and a failure to adopt adequate written policies and procedures in relation to the identification and reporting of suspicious transactions.
UBS International Life "co-operated fully" in the examination, the Central Bank said today in a statement, and had settled at an early stage. It added that the matter is now closed.
It said that the taking of the case, and the sanctions imposed, reflect "the seriousness with which the Central Bank views breaches of the legislative provisions which are designed to prevent the use of the financial system for the purpose of money laundering and terrorist financing."