Ann: Central Bank of Ireland correspondence, page-152

First 152 Last

Share
Profile

Follow
vivRookie

6,326 Posts.

572

19/05/21

15:39

Post #: 53280593
Share

Originally posted by Stweeve: ↑

I might be baggying out here, but the more I look into past actions taken by the Central Bank of Ireland in respect to AML breaches, the less concerned I become.

This hasn't been an exhaustive deep dive by any means, but I'm yet to find evidence of an organisation having its license stripped away as a result of regulatory action. Even the fines applied for breaches don't seem to be anywhere near as damaging as some of the stuff we've seen locally (i.e. Westpac's $1.3b slap in recent times).

For example, here's a €2.2m fine for the Allied Irish Banks (a seemingly large entity, with 11,000 employees), for "significant failures in AIB’santi-money laundering and counter terrorist financing controls, policies and procedures".

Here's another one for Ulster bank, fined €3.2m, which was at the time (and maybe still?) the biggest ever issued by the Central Bank for breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010.

The market has reacted violently to language and context in today's announcement. Management certainly hasn't held back or attempted to provide any positive spin on the situation, which is almost a little odd. It almost feels like there's an element of using really forceful language to show contrition, prior to the formal response being lodged.

I've held this one for almost 7 years now. I suspect today might look like a significant buying opportunity in hindsight, but it's very hard to know for sure simply based on the details we have been provided to date. I'll await further update before doing anything.

Expand

fantastic buying opportunity. I topped up three times. Totally oversold by the herd panicking.

Management will provide satisfactory answers to the Irish Regulator.. it's no big deal..

Main thins is that this is a profitable product and this is just a temporary hit. Watch it rise.

EML Price at posting: $2.79 Sentiment: Buy Disclosure: Held
11 Upvote

0 Great analysis

Reply

Top Stories

M4M

Macro, Norden set up transport solutions initiative for West Pilbara

Week 42 Wrap: HotCopper's top picks; new ASX 200 record; world yawns at war

SWP

Swoop lobs $18M offer at microcap telecom Vonex – in which it holds 19.9%

SNX

Sierra Nevada raises $2M for silver exploration at Blackhawk

NVU

Nanoveu surges 10% after benchmark testing for new AI chip begins

TLG

Talga Group wins key permit for flagship graphite mine in Sweden

IRX

InhaleRX snags $38.5M in funding from VC biotech funder Clendon

MTH

Mithril's drilling in Mexico picks up silver at 997g/t, gold at 28g/t

What's causing the cost-of-living crisis, and how to navigate it

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint