BOI has reached a settlement agreement with the Central Bank
Bank of Ireland has been fined €3.15m over breaches of anti-money laundering and terrorist financing laws.
The Central Bank says that 12 breaches occurred over the course of three years, following the commencement of the legislation in July 2010.
Bank of Ireland is said to have admitted to the breaches, and has reached a settlement with the Central Bank.
In a statement, Derville Rowland - the Central Bank's director of enforcement - said: "Reporting suspicious transactions to the authorities without delay is a fundamental component of an anti-money laundering and counter terrorist financing framework.
"It is particularly disappointing that another large retail bank failed to submit six time-critical suspicious transaction reports to An Garda Síochána and the Revenue Commissioners promptly."
She added: "Furthermore, it is concerning that Bank of Ireland did not identify deficiencies in its processes and procedures relating to enhanced customer due diligence for its non-EU correspondent banking relationships."
The Criminal Justice (Money Laundering & Terrorist Financing) Act requires financial institutions to fulfill a number of obligations - such as reporting suspicious transactions, and maintaining risk management policies and procedures.
Bank of Ireland is one of the largest banks in Ireland with over 250 branches, over 1.7 million consumer banking customers and in excess of 200,000 business banking customers.
Earlier this month, the bank announced the appointment of Francesca McDonagh as the group's new chief executive officer.
Ms McDonagh will succeed Richie Boucher and will also take up the position of executive director on the board on October 2nd.
This is the Central Bank’s 109th settlement since 2006 under its Administrative Sanctions Procedure, bringing total fines imposed by the bank to €60.148m.