Laundering failings leads to BoI being fined £2.6m
Bank of Ireland has been fined more than €3m (£2.6m) after it admitted breaching laws drawn up to thwart terrorists and criminals.
The Republic's Central Bank said it identified 12 occasions where the bank failed to enforce rules to combat money laundering and financing terrorism over three years from 2010.
The regulator said there were significant weaknesses and failures in Bank of Ireland's controls, policies and procedures.
The Central Bank's director of enforcement Derville Rowland said: "Such behaviour is unacceptable and falls far short of the standard expected of one of Ireland's largest retail banks.
"Reporting suspicious transactions to the authorities without delay is a fundamental component of an anti-money laundering and counter-terrorist financing framework."
Bank of Ireland said it takes its regulatory obligations seriously and regrets that these issues arose.
It said it co-operated fully with the Central Bank throughout the investigation.