Bank of Ireland UK fined £3.7 million for implementing anti-fraud tool 14 months too late
Bank of Ireland UK has been fined £3.7 million by the Payment Systems Regulator for implementing the Confirmation of Payee (CoP) anti-fraud tool 14 months after the October 31, 2023 deadline. The delayed implementation left over 1.14 million new payees unprotected, affecting payments totaling approximately £6.9 billion. The bank received a 30% early settlement discount, reducing the penalty from £5.4 million.
Bank of Ireland UK has been fined £3.7 million by the Payment Systems Regulator for implementing the Confirmation of Payee (CoP) anti-fraud tool 14 months after the October 31, 2023 deadline.
The delayed implementation left over 1.14 million new payees unprotected, affecting payments totaling approximately £6.9 billion.
The bank received a 30% early settlement discount, reducing the penalty from £5.4 million.
CompaniesBank of Ireland UKBIRK·Payment Systems Regulator
Key Figures
£3.7M penaltyFine imposed by PSR for delayed CoP implementation
£5.4M penaltyOriginal penalty amount before 30% early settlement discount
£6.9B transaction_volumePayments affected by unprotected payees during delay period
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