Bank of Ireland UK fined £3.7 million for implementing anti-fraud tool 14 months too late
The Irish bank initiated CoP 14 months after the 31 October 2023 deadline. As a result, the safeguard was not applied to transactions involving more than 1.14 million new payees, with payments totalling approximately £6.9 billion.
Payment service providers were given one years notice by the PSR to put the measure in place. Bank of Ireland UK were the last Group 1 payment service provider to achieve compliance.
David Geale, managing director at the PSR sys: “Confirmation of Payee is a vital tool to combat fraud and misdirected payments, giving people confidence that their money is going exactly where they intend.
