This content is not available in your region

Bank of Montreal Irish subsidiary fined for licence breach

Access to the comments Comments
Bank of Montreal Irish subsidiary fined for licence breach
FILE PHOTO: A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie   -   Copyright  CHRIS WATTIE(Reuters)
Text size Aa Aa

DUBLIN (Reuters) – Ireland’s Central Bank fined the Irish subsidiary of Canadian lender Bank of Montreal 1.25 million euros (£1.08 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 euros as a result, the Irish regulator said.

(Reporting by Padraic Halpin, editing by Louise Heavens)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.