Private client stockbrokers Campbell O'Connor & Company has been fined €280,000 by the Central Bank for anti-money laundering and terrorism financing compliance failures.

The Central Bank reprimanded and fined the company for five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

The firm has admitted the breaches, which occurred for six years between July 2010 and November 2016.

The Central Bank reduced the fine by 30% from €400,000 to €280,000 in accordance with its settlement discount scheme.

According to the Central Bank, Campbell O'Connor & Company failed to conduct appropriate money laundering and terrorist financing risk assessment, while it also failed to adopt adequate policies and procedures for preventing and detecting these risks. 

The stockbroking company also did not monitor and scrutinise customer transactions and did not provide training to staff on identifying suspicious transactions.

The Central Bank confirmed today that the company has taken the necessary steps to rectify the failings, adding that the investigation is now closed.

Seána Cunningham, the Central Bank's Director of Enforcement and Anti-Money Laundering, said the bank's marked its first enforcement action against a stockbroker for breaches of the Criminal Justice Act.

Ms Cunningham said it is a timely reminder to the wider financial services sector that anti-money laundering and countering the financing of terrorism compliance is, and will remain, a key priority for the Central Bank.

"The role of financial service providers in detecting and reporting suspected ML/TF is vital in safeguarding the financial services sector from criminal and terrorist activity," Ms Cunningham said.

"The firm's failure to comply with its AML/CFT obligations over a prolonged period is of significant concern to the Central Bank," she added.

This latest fine is the Central Bank's 128th settlement since 2006 under its Administrative Sanctions Procedure, bringing total fines imposed by the Central Bank to over €70m.