Regulator penalizes the bank for missing critical compliance deadlines.
Highlights:
- Bank of Ireland UK fined $3.7 million by PRA.
- Penalty due to 14-month delay in anti-fraud tool rollout.
- Regulatory body emphasizes the importance of timely compliance.
Bank of Ireland UK has been fined $3.7 million by the Prudential Regulation Authority (PRA) for failing to implement an anti-fraud tool on time.
The delay lasted 14 months past the required deadline, raising concerns about the bank’s commitment to compliance.
The PRA highlighted that effective fraud prevention measures are essential in maintaining customer trust and financial stability.
This penalty underlines the importance of adhering to regulatory timelines, especially in the financial sector.
