Business Irish

Tuesday 24 October 2017

Credit union fined over breaches

A CREDIT union has been fined €21,000 over its failure to ensure it could prevent and detect money laundering and terrorist financing.

The Central Bank said it had imposed the penalty on Dublin-based Community Credit Union Limited for breaching regulations.

Peter Oakes, director of enforcement at the Central Bank, said the penalty followed inspections in all regulated sectors of the financial services industry to monitor compliance.

"Credit unions have an important role to play in the financial services sector. They therefore play an integral part in efforts to prevent the use of the financial system for the purposes of money laundering and terrorist financing," he added.

New chairman at Laya Healthcare

LAYA Healthcare, which was bought out from Quinn Insurance by its management last year, has appointed Kieran Barry as its chairman.

Mr Barry is a former managing director of consultants Hewitt Associates.

The board also includes three executive directors from Laya healthcare's senior management team – managing director Donal Clancy, deputy DO O'Connor and director of finance Mary Condon.

Libor row could cost UBS $1bn

UBS is expected to be hit with a $1bn-plus fine to settle charges of rigging Libor interest rates this week.

This will make it the second bank to be brought to book for its role in the global scandal. The fine, to be imposed by regulators in Britain and the US, would be the latest blow for the Swiss bank.

Santander to absorb units

SPAIN'S Banco Santander, the biggest bank by market value in the eurozone, said it will absorb two subsidiaries, Banesto and Banif.

The move will lead to job cuts and branch closures and is part of a broader restructuring of Spain's fragile financial system, which has been hit hard by the collapse of the property market in 2008.

The Spanish government is pushing for mergers and takeovers to create fewer, but sturdier, banks. Santander's fusion, to be completed next May, will save money through the integration of services and the closure of 700 branches. The bank said it would reduce staff gradually but gave no figures as to exactly how many people it would let go.

Irish Independent

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