November 27 2017
On 23 November 2017, the Central Bank of Ireland (the ‘Central Bank’) fined Intesa Sanpaolo Life dac (‘Intesa’) €1,000,000 and reprimanded it for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’). Intesa admits the four breaches.
The Central Bank’s enforcement investigation identified significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and counter terrorist financing (‘AML/CFT’). The breaches occurred from the enactment of the CJA 2010 in July 2010 and continued on average for three years and eleven months. The breaches comprised of failures by Intesa relating to:
