The Financial Services Authority (FSA) has fined Northern Bank Ј1.25 million for breaches of its Money Laundering Rules across its retail branch network, particularly in its dealings with business customers.
Ann Horan, chairman of the Factors and Discounters Association (FDA), commenting on the relevance of the FSA’s action to factors and invoice discounters said: "The breaches identified by the FSA in Northern Bank, relate to their branch banking network and not to their factoring and invoice discounting business. Having said this, the risks for banks and factoring and discounting companies are similar.
