Ireland’s central bank fines BMO for breaching licence

The Bank of Montreal’s (BMO) Irish subsidiary has been fined 1.25 million euros ($1.5 million) by Ireland’s central bank for breaching a condition of its banking licence, the central bank announced Monday.

The Bank of Montreal Ireland plc. failed to establish and maintain processes and controls to ensure the submission of certain reports regarding operational risk, the central bank said.

It added BMO has admitted the breaches in full.

BMO was not immediately available for comment.

The appropriate fine amounted to 1.78 million euros but this was reduced by 30%, as per its procedures for early settlements, the central bank said.

The Canadian Press

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