AIB hit with hefty fine over serious breaches

AIB has been fined over 2.2 million euro for breaches of money laundering and anti-terrorist financing regulations.

The Central Bank’s imposed the fine for six breaches of the 2010 Criminal Justice Act, over a three year period.

AIB admits failing to report over 200 suspicious transactions promptly to Gardaí and the Revenue Commissioners.

Sunday Times business columnist Nick Webb says the fine is bad news for the bank: