The Chairman of AIB has said the finding by the Central Bank that it had breached money laundering and terrorist financing regulations was a "stain on the bank".
Speaking at the bank's AGM, Richard Pym said AIB had done wrong, but that it had remedied the situation and paid the fine of €2.27 million.
However, he pointed out that the fine was smaller than the amount other financial institutions had to pay for similar breaches.
Mr Pym said he believed the bank had resolved all the issues but that it was an immensely complex area which the bank could not be complacent on.
The chairman also said the bank would waive the charge on cashing dividend cheques.
AIB announced that it would pay a €250m dividend on the publication of its full year results.
However, many shareholders have ended up with a nominal shareholding in the bank following its effective nationalisation.
Consequently, the bank will end up mailing over 54,500 cheques for less than 50 cent.
It said any uncashed dividend proceeds would be donated to the charitable organisation, ShareGift, over the medium term.
