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Bank of Ireland UK fined £3.7 million for implementing anti-fraud tool 14 months too late

PSR imposes £3.7M penalty for 14-month delay in fraud protection rollout

The Ledger Signal | Brief

Feb 21, 2026·1 min read

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Why This Matters

Why this matters: Regulatory penalties for delayed implementation of mandatory fraud controls directly impact operational budgets and demonstrate the financial cost of non-compliance with payment system requirements.

Bank of Ireland UK fined £3.7 million for implementing anti-fraud tool 14 months too late

Bank of Ireland UK has been fined £3.7 million by the Payment Systems Regulator for implementing the Confirmation of Payee (CoP) anti-fraud tool 14 months after the October 31, 2023 deadline. The delayed implementation left over 1.14 million new payees unprotected, affecting payments totaling approximately £6.9 billion. The bank received a 30% early settlement discount, reducing the penalty from £5.4 million.

Originally Reported By

Finextra

finextra.com

Why We Covered This

Regulatory penalties for compliance failures directly impact financial statements and demonstrate the material cost of delayed implementation of mandatory controls, relevant to audit, risk management, and treasury operations.

Key Takeaways

Bank of Ireland UK has been fined £3.7 million by the Payment Systems Regulator for implementing the Confirmation of Payee (CoP) anti-fraud tool 14 months after the October 31, 2023 deadline.

The delayed implementation left over 1.14 million new payees unprotected, affecting payments totaling approximately £6.9 billion.

The bank received a 30% early settlement discount, reducing the penalty from £5.4 million.

CompaniesBank of Ireland UK(BIRK)Payment Systems Regulator

Key Figures

£3.7M penaltyFine imposed by PSR for delayed CoP implementation£5.4M penaltyOriginal penalty amount before 30% early settlement discount£6.9B transaction_volumePayments affected by unprotected payees during delay period

Key DatesDeadline:2023-10-31

Affected Workflows

AuditTreasury

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