Ireland: Central Bank launches guidance on enforcement sanctions
The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector.
The ASP Sanctions Guidance increases transparency by providing greater clarity on the Central Bank’s general approach to sanctioning of firms and individuals.
It also provides guidance on the application of a variety of factors relevant to sanctioning under the ASP, including cooperation, self-reporting and remediation.
The Central Bank indicates it expects the Guidance to help promote an improved culture of compliance in financial firms by clarifying behaviours which may aggravate or mitigate a breach of financial services law.