INSURANCE company AXA MPS Financial has been reprimanded and fined €50,000 by the Central Bank for breaches of the Money Laundering and Terrorist Financing Act.
The fine is for breaches that occurred between 2010 and 2012 that the insurance company itself reported to the Central Bank, which regulates the sector.
The fine was levied after it was found that between 15 July 2010 and January last year AXA breached so called “know your customer” rules designed to prevent suspicious money finding its way into the financial system.
It happened as a result of the insurance company’s reliance on a third party to carry out its customer due diligence.
In a statement the Central Bank said it has entered into a Settlement Agreement with effect from 3 October 2013 with AXA MPS Financial.
The firm involved cooperated with the Central Bank probe on the issue and has rectified the problems identified, the statement said.
The sanctions “reflect the seriousness” with which the breaches are viewed, the Central Bank said.