Drimnagh Credit Union

the Central Bank has taken against a credit union since the Administrative Sanctions Procedure became fully applicable to credit unions in August 2013. The fine and reprimand demonstrates that the Central Bank will not hesitate to take enforcement cases against credit unions to ensure the highest standards of regulatory compliance across the sector. It is incumbent upon all credit unions, irrespective of their size or scale, to be aware of and to comply with all applicable regulatory requirements and to have robust systems and controls in place to ensure full compliance. Failure to do so can undermine the credibility and financial stability of the sector and the Central Bank will take action as appropriate where non-compliance is identified.” BACKGROUND Drimnagh Credit Union is a regulated financial service provider and is registered as a credit union under the CUA 1997. The principal activity of Drimnagh Credit Union involves the provision of financial services to 7,312 members. The breaches were identified during on-site inspections of Drimnagh Credit Union by the Central Bank’s Registry of Credit Unions Division and Anti-Money Laundering Division in 2014. Following these inspections, an investigation was commenced in December 2015 by the Central Bank’s Enforcement Division. PRESCRIBED CONTRAVENTIONS The Central Bank identified two breaches of the CUA 1997, occurring between 1 August 2013 and 30 November 2014 and five breaches of the CJA 2010, occurring between 15 July 2010 and 25 September 2015. Details of the breaches are set out below.