Bank of Montreal Irish subsidiary fined for licence breach
Comments
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)
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)
