The bank was fined by the Central Bank for causing a loss to one of its private banking clients. It was also found to have misled the regulator.
Authored by its former subsidiary, Bank of Ireland Private Banking (BOIPB), these breaches totaled to five.
Client loss
The Central Bank began its investigation after a cyber-fraud incident at Bank of Ireland in September 2014.
The incident occurred when the bank’s private banking arm made two payments totalling €106,430 on behalf of what it thought was a client. It later emerged that a fraudster had impersonated the client.
