Home Breadcrumb caret Industry News Breadcrumb caret Industry Ireland’s central bank fines BMO for breaching licence The €1.25 million fine was announced on Monday By The Canadian Press | April 29, 2019 | Last updated on April 29, 2019 1 min read © Burmakin Andrey / 123RF Stock Photo The Bank of Montreal’s (BMO) Irish subsidiary has been fined 1.25 million euros ($1.5 million) by Ireland’s central bank for breaching a condition of its banking licence, the central bank announced Monday. The Bank of Montreal Ireland plc. failed to establish and maintain processes and controls to ensure the submission of certain reports regarding operational risk, the central bank said. It added BMO has admitted the breaches in full. BMO was not immediately available for comment. The appropriate fine amounted to 1.78 million euros but this was reduced by 30%, as per its procedures for early settlements, the central bank said. The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo