Credit Union Fined for Breach of Anti-Money-Laundering Laws
A credit union in Donegal has been fined over €36,000 for breaching anti-money-laundering laws.
The Central Bank imposed the sanction on Swilly Mulroy Credit Union, which also includes a reprimand, according to the President of the High Court.
Mr Justice David Barniville noted that the credit union accepted breaches of certain provisions of the legislation, admitting to contraventions between 2014 and 2021.
- The issue was discovered during a 2022 inspection by the Central Bank's Anti-Money Laundering Division.
- The investigation found that the credit union solicited and accepted cash from depositors who did not hold accounts with the credit union.
The credit union admitted to a number of contraventions between 2014 and 2021.
Author's summary: Credit union fined €36k for anti-money-laundering breach.
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