May 14, 2022
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  • The message from the Central Bank is that responsibility cannot be outsourced

The message from the Central Bank is that responsibility cannot be outsourced

By on March 25, 2022 0

The record fine of 10.8 million euros imposed on BNY Mellon yesterday was supposed to send a message that regulators are cracking down hard on the outsourcing practices of IFSC firms.

he Central Bank has slapped stiff penalties on companies before – notably banks for their follow-up mortgage shenanigans – but the international funds industry here has never seen a penalty hit the double-digit millions before.