Swilly Mulroy Credit Union

the Central Bank has decided that it is appropriate to impose the following sanctions:  a reprimand;  a monetary penalty of €51,819 with the application of a 30% settlement scheme discount bringing the amount to €36,273. 1 Section 33AR(1)(a)(ii) of the 1942 Act: “where there are undisputed facts that in the reasonable opinion of the Bank render an investigation unnecessary, suspects on reasonable grounds that a person is committing or has committed a prescribed contravention…” 2 3. Swilly Mulroy has agreed to these sanctions,2 however they will not take effect unless confirmed by the High Court.3 4. Further detail on the contraventions and sanctions are set out in Parts 3 and 4 of this Settlement Notice. Summary of Reasons for the Central Bank’s action 5. Swilly Mulroy is a community based credit union, which has operated from March 1985 to present and is authorised and regulated under the 1997 Act and continued to be authorised during the period of the prescribed contraventions. Swilly Mulroy was subject to the requirements of the 2010 Act for the period of the prescribed contraventions. 6. The 2010 Act requires credit unions to comply with their Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) obligations by ensuring that they conduct, amongst other things, the required levels of Customer Due Diligence (CDD), Transaction Monitoring and that they carry out the necessary Business and Customer Risk Assessments to prevent and detect the commission of Money Laundering and Terrorist Financing in respect of the services they provide. 7.