Bank of Ireland’s UK arm hit with £3.8m fine for fraud failures

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The Bank of Ireland received a fine for failures on fraud controls. (Image: PA) The Bank of Ireland’s UK arm has been slapped with a hefty fine after failing to hit the deadline by over a year to ...

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(Image: PA) The Bank of Ireland’s UK arm has been slapped with a hefty fine after failing to hit the deadline by over a year to ...</p>\n\n<a href=\"https://www.cityam.com/bank-of-irelands-uk-arm-hit-with-3-8m-fine-for-fraud-failures/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of Ireland’s UK arm hit with £3.8m fine for fraud failures</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank of Ireland’s UK arm hit with £3.8m fine for fraud failures\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-19 19:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/bank-of-irelands-uk-arm-hit-with-3-8m-fine-for-fraud-failures/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Bank of Ireland received a fine for failures on fraud controls. (Image: PA) The Bank of Ireland’s UK arm has been slapped with a hefty fine after failing to hit the deadline by over a year to ...</p>\n\n<a href=\"https://www.cityam.com/bank-of-irelands-uk-arm-hit-with-3-8m-fine-for-fraud-failures/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2360107168.USD","symbol_name":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","start_time":0,"source_url":"https://www.cityam.com/bank-of-irelands-uk-arm-hit-with-3-8m-fine-for-fraud-failures/","article_id":"2612913404","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/02/01K89ADHSKXW19615ARNXDXP8D.jpeg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/bank-of-irelands-uk-arm-hit-with-3-8m-fine-for-fraud-failures/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2612913404","pubTimestamp":1771501977,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The Bank of Ireland received a fine for failures on fraud controls.  The Bank of Ireland’s UK arm has been slapped with a hefty fine after failing to hit the deadline by over a year to implement an anti-fraud service.The lender was hit with a 3.7m fine from the Payments Systems Regulator  for missing the deadline by 14 months for a “vital” service that would send requests for confirmation of payee checks.The missed deadline meant transactions for around 1.14m new payees did not have the safeguard, with payments totalling just shy of 7bn.David Geale, managing director at the PSR, said: “Confirmation of payee is a vital tool to combat fraud and misdirected payments, giving people confidence that their money is going exactly where they intend.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","BK4608":"AI应用概念股","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","BK4539":"次新股","BIRG.UK":"爱尔兰银行","BK4023":"应用软件","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","APPX":"2倍做多APP ETF-Tradr","BK4585":"ETF&股票定投概念","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0097036916.USD":"贝莱德美国增长A2 USD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4613":"AI应用软件","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4588":"碎股","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC"},"translate_title":"爱尔兰银行英国分行因欺诈失败被罚款380万英镑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"APPX":0.6,"BIRG.UK":1.96},"content_text":"The Bank of Ireland received a fine for failures on fraud controls. (Image: PA) The Bank of Ireland’s UK arm has been slapped with a hefty fine after failing to hit the deadline by over a year to implement an anti-fraud service.The lender was hit with a £3.7m fine from the Payments Systems Regulator (PSR) for missing the deadline by 14 months for a “vital” service that would send requests for confirmation of payee checks.The missed deadline meant transactions for around 1.14m new payees did not have the safeguard, with payments totalling just shy of £7bn.David Geale, managing director at the PSR, said: “Confirmation of payee is a vital tool to combat fraud and misdirected payments, giving people confidence that their money is going exactly where they intend.\n\n“Bank of Ireland UK had plenty of time to put the system in place, missing the deadline by more than a year put its customers at increased risk of fraud.”\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Bank of Ireland was expected to have implemented the system by October 31 2023. The structure serves as an account name checking service, which protects customers when making payments and curbs authorised push payment (APP) scams – where fraudsters pretend to be an organisation to lure people into sending money.Bank of Ireland follows Nationwide and Barclays regulatory hitsIn accepting to settle at an early stage of the enforcement process, the firm did curb a hit of £5.4m as it qualified for a 30 per cent discount.The Bank of Ireland UK said it “fully acknowledges and sincerely apologises for the delay in implementing send requests for confirmation of payee, which has been in place for all customers since January 2025.”\n\n“The bank takes its regulatory obligations extremely seriously and regrets that this issue arose.”Last year, Nationwide took home the biggest regulatory fine for the financial services sector with a £44m hit from the City watchdog after failing to flag failures in its financial controls.Barclays was also fined £42m last year after failings in its financial crime risk management.Meanwhile, digital bank Monzo was hammered with a £21m fine after “repeatedly” opening accounts for “high-risk” customers, who used 10 Downing Street and Buckingham Palace, and even Monzo’s own address, as their address.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}