Canadian Lender Fined €1.25M For Ireland Rules Breach
Law360, London (April 29, 2019, 3:51 PM BST) -- Ireland's central bank said Monday that it has fined a local branch of the Bank of Montreal €1.25 million ($1.4 million) for omitting to file mandatory risk assessment reports and failing to have procedures in place to detect the errors, as it hands its second penalty to the lender.
Bank of Montreal Ireland PLC breached the conditions of its banking license by failing to submit three operational risk returns from 2014 and 2015, the Central Bank of Ireland said. The lender did not maintain the internal controls needed to ensure it complied with regulatory reporting, the central bank added.
The Canadian bank missed...
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