The Central Bank of Ireland (the “Central Bank”) has published its Enforcement priorities for 2012.
Enforcement action will be directed across a number of topics particularly non-compliance in the following 10 key areas:
- Mortgage Arrears;
- Retail Intermediaries;
- Payment Protection Insurance;
- Client Asset Requirements;
- Prudential Requirements;
- Anti-Money Laundering and Counter Terrorist Financing;
- Transaction Reporting;
- Systems and Controls;
- Timeliness and Accuracy of Information submitted to the Central Bank; and
- Dissemination of inaccurate/incorrect information in the market (Transparency and Prospectus Directives).
In the event that serious breaches of these regulatory requirements occur, regulated entities can expect vigorous investigation and follow up from the Central Bank.