Ireland: Stockbroker Fined For Failures On Money Laundering And Terrorism

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Dublin stockbroker Campbell O’Connor has been fined €280,000 by the Central Bank for compliance failures in its responsibility to combat money laundering and the financing of terrorism.

The company previously announced it is closing its doors in June, citing “the ever increasing complexity of doing business in a changing regulatory landscape which does not favour smaller firms”.

The Central Bank said on Friday the stockbroker was guilty of five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The firm has admitted the breaches.

The regulator determined that the appropriate fine was €400,000, which was reduced by 30 per cent to €280,000 in accordance with the settlement discount scheme.

The Central Bank’s investigation into Campbell O’Connor began following a themed supervisory inspection which was part of its ongoing engagement with the investment firm sector.

The inspection identified failings in its anti-money laundering and countering the financing of terrorism framework. The breaches occurred between July 2010 and November 2016.

The breaches related to a “failure to conduct appropriate money laundering/terrorist financing risk assessment”, as well as a “failure to adopt adequate policies and procedures for preventing and detecting” such activity.

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