Drimnagh Credit Union has been fined €125,000 for breaching regulations.
The Central Bank fined the southside credit union, after it failed to adopt policies to prevent and detect money laundering and terrorist financing.
Other breaches include the credit union’s failure to have adequate systems in relation to the claiming, recording and approving of officers’ expenses, prohibited payments to directors.
Drimnagh Credit Union, which has more than 7,000 members, admitted two breaches of the Credit Union Act 1997 and five breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
In a statement, Drimnagh Credit Union say members savings and deposits will not be affected.