The Central Bank has imposed a €50,000 fine on AXA MPS Financial in relation to two breaches of money laundering and terrorist financing laws.
Between July 2010 and March 2011, the Central Bank said the firm was in breach of its customer due diligence requirements in relation to the identification and verification of its customers and beneficiaries.
The Central Bank said a third party had been relied upon for customer due diligence despite AXA MPS Financial not being eligible to use such an arrangement.
Between July 2010 and January 2012, the company also failed to take steps to determine whether a customer, or beneficiary connected to the customer, was a “politically exposed person” before it established a business relationship with them.
The Central Bank said the sanction imposed reflects the serious with which it views breaches of the Criminal Justice Act 2010.
It said the firm failed to implement the necessary controls in a timely manner, while the “cross-border nature of the business conducted by this firm” heightened the importance of the issue.
In deciding the appropriate penalty, the Central Bank said it took into account the firm’s “assurance that it is fully committed to having high standards in this area” and its cooperation during the investigation.
The Central Bank said that the matter was now closed.
