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Bank of Montreal Irish subsidiary fined for licence breach

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)
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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)

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