Bank of Montreal Irish subsidiary fined for licence breach

Ireland’s Central Bank fined the Irish subsidiary of Canadian lender Bank of Montreal €1.25-million for breaching a condition of its banking licence, the regulator said on Monday.

Bank of Montreal Ireland failed to establish and maintain effective processes and internal controls to ensure compliance with a particular regulatory reporting condition, the central bank said. The bank admitted to the breaches in full and the fine – its second for deficiencies in regulatory reporting – was reduced from a potential €1.78-million as a result, the Irish regulator said.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience.

globebusiness OOOOPS GUESS SOMEONE FORGOT TO PAY INTO SOMEONES 'OFF SHORE TAX HAVEN!!' ACCOUNT? GEEZ BoM YOU'VE GOT TO KEEP UP ON THOSE BRIBES AND LAUNDERING MONEY TO MAKE THE WORLD GO AROUND AND AROUND!!!

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