I have just read about the £375,000 fine that Bank of Ireland has incurred as a result of bringing to the notice of the FSA and police a “suspicious' set of transactions.
While I agree whole-heartedly with the money-laundering procedures and the whole point behind them, I feel the size of the fine is excessive.
Someone at Bank of Ireland made errors and someone discovered those errors and did the right thing. Presumably, these errors have resulted in a tightening of procedures and a replacement of personnel and Bank of Ireland has now got its house in order.
This feels like an organisation being punished for realising that errors have been made and then doing the right thing. Perhaps we should applaud punitive fines in order that FSA costs are reduced (where do the fines go?) but I would prefer to live in a world that has imperfections and it is the way that mistakes are corrected that is valued.
Chief executive officer,
Protection & Investment,