A north Donegal Credit Union has been fined €36,000 by the Central Bank for breaching anti-money-laundering law requirements.
BreakingNews.ie reports that between 2014 and 2021, Swilly Mulroy Credit Union operated a practice of soliciting and accepting cash from depositors, the majority of whom did not hold accounts with the credit union.
The payments, worth almost €8.8 million, were processed over 2,329 cash lodgements.
These were carried out from January 2nd, 2014, until June 30th, 2021.
It emerged during an inspection by the Central Bank Anti-Money Laundering Division in 2022.
The money, accepted without being deposited in a named account, would then be electronically transferred to a branch of a local bank.
For this reason, the Central Bank ruled that the credit union did not conduct the necessary anti-money laundering checks on the depositors and the transactions.
A new management team in 2021 ceased the practice.
The fine of €36,273 must be paid within seven days.
