Central Bank Fines Donegal Credit Union for Rule Breaches

Donegal credit union fined for breaching money laundering laws

Investigation found Swilly Mulroy operated a practice of soliciting and accepting cash from depositors who did not hold accounts with it

Central Bank fines Donegal credit union for rule breaches

The Central Bank has fined a Co Donegal credit union a total of €36,273 for breaching anti-money laundering requirements as well as the Credit Union Act of 1997.

NEWS: Irish credit union took deposits from non-customers with no KYC checks; board aware it failed to act on AML obligations; fined €36,000 - AML Intelligence

By AML Intelligence Correspondents AN IRISH credit union which took deposits from non-customers has been fined €36,273 for breaching AML requirements. The Board of Swilly Mulroy Credit Union was aware of the risks associated with the practice from 2015 but failed to act on its risk management obligations, a Central Bank of Ireland report found. […]

Donegal credit union fined €36,000 over anti money-laundering breaches - Donegal Daily

A Co Donegal credit union has been fined a total of €36,273 for breaching anti money-laundering requirements. The Central Bank took the enforcement action against Swilly Mulroy Credit Union under the Criminal Justice (Money Laundering and Terrorist Financing) Act and the Credit Union Act 1997 (the 1997 Act). The 2010 Act requires firms to put in place safeguards against the risk of money laundering and the 1997 Act requires credit unions to deve…