March 10 2017
The Central Bank of Ireland imposes a fine of €125,000 on Drimnagh Credit Union Limited for breaches of the Credit Union Act 1997 and the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The Central Bank of Ireland (the “Central Bank”) has fined Drimnagh Credit Union Limited (“Drimnagh Credit Union”) €125,000 and reprimanded it for two breaches of the Credit Union Act 1997 (the “CUA 1997”) and five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “CJA 2010”). All seven breaches have been admitted by Drimnagh Credit Union.
The breaches of the CUA 1997 occurred from 1 August 2013 to 30 November 2014 and relate to the following:
- The prohibited payments to certain directors and a Board Oversight Committee member of Drimnagh Credit Union in breach of section 68 of the CUA 1997; and
- Failings in Drimnagh Credit Union’s systems of control in relation to the claiming, recording and approving of officers’ expenses.