Bank Of Ireland Fined €1.66M For Cyberfraud Lapses

Law360, London (July 29, 2020, 12:48 PM BST) -- The Irish financial watchdog has fined Bank of Ireland €1.66 million ($1.9 million) for misleading the regulator during an investigation, which highlighted weaknesses in its payments system that allowed cyberfraudsters to steal more than €100,000 from the lender.

Ireland's financial regulator has said it fined and reprimanded the country's largest bank for five breaches of a European Union finance directive. (AP) The Central Bank of Ireland said on Tuesday that it has fined and reprimanded the country's largest lender for five breaches of the European Union's Market in Financial Instruments Directive, or MiFID.

The lender had inadequate systems, governance and compliance for...

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