CBI Enforcement Actions | Central Bank of Ireland

🇮🇪 CBI Enforcement medium

January 14th 2026

Speech by Gerry Cross, Director, Capital Markets and Funds, Central Bank of Ireland at Compliance Institute AGM - Supervising for success: some themes for a time of change

Introduction Good morning and thank you to Michael for inviting me to speak at the Compliance Institute’s Annual General Meeting. It is always a real pleasure to engage with compliance professionals. At the Central Bank, we recognise the essential role played by the compliance community in ensuring that financial firms are well-run and contributing to a financial system that is trusted and resilient. We also recognise the important role played by the compliance institute, equipping those work...

AI Analysis

This speech by Gerry Cross, Director of Capital Markets and Funds at the Central Bank of Ireland (CBI), outlines key supervisory priorities including securing customers' interests via the revised Consumer Protection Code, Individual Accountability Framework (IAF) implementation, regulatory simplification, resilience, technology leverage, and an evolving outcomes-focused supervision approach. It matters because it signals CBI's expectations for compliance professionals to drive these outcomes in firms, emphasizing proportionality and ongoing engagement amid regulatory evolution. Compliance teams must integrate these themes to align with CBI's shift toward less process-driven, more effective oversight. #

Sectors:

Topics:

Consumer Protection / Conduct Senior Managers / Governance Operational Resilience / Outsourcing

Asset ManagerBankAll Firms

View Original

🇮🇪 CBI Enforcement high

December 12th 2025

Public statement relating to Enforcement Action between Central Bank of Ireland and Philip Smith

Mr Philip Smith, former Chief Executive Officer (CEO) and Executive Director of RSA Insurance Ireland DAC disqualified for 13 years by the Central Bank of Ireland for his admitted participation in a breach of financial services law by RSAII On 1 December 2025 the Central Bank of Ireland reprimanded Mr Smith and disqualified him for 13 years from being a person concerned in the management of a regulated financial service provider for his participation in a breach by RSA Insurance Ireland DAC (...

AI Analysis

The Central Bank of Ireland (CBI) reprimanded and disqualified former RSA Insurance Ireland DAC (RSAII) CEO Philip Smith for 13 years from management roles in regulated financial service providers due to his admitted role in under-reserving large loss claims, breaching Article 13(1)(a) of the European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359/1994). This enforcement action underscores CBI's commitment to individual accountability for senior executives who circumvent controls, risking policyholder protection and firm solvency, as evidenced by RSAII's subsequent need for a major capital injection. It matters for compliance professionals as it demonstrates CBI's use of prolonged disqualifications and inquiries under the Administrative Sanctions Procedure (ASP) to deter governance failures in insurance firms. #

What Changed

This is not a regulatory change or new requirement but an enforcement precedent reinforcing existing obligations under the 1994 Regulations for insurers to maintain adequate technical reserves reflecting true liabilities. It highlights CBI's focus on senior executive accountability for deliberate policy circumvention, such as undocumented processes overriding claims handlers' estimates, which inflated reported profits and understated liabilities. No new rules were introduced; instead, it applies

What You Need To Do

Review senior management oversight of claims handling; document all approvals and prohibit informal (e
Enhance governance training for executives on personal liability under ASP, including simulations of reserving decisions and policyholder risk scenarios
Assess historical exposures for under-reserving; remediate if needed, and prepare for potential CBI inquiries (noting 10+ year investigation timelines)
Update conduct and culture frameworks to align with CBI expectations for CEOs to drive compliance, as per Deputy Governor Colm Kincaid's comments

Key Dates

2014 - CBI enforcement investigation into Mr Smith and RSAII commences.

December 2018 - CBI reprimands and fines RSAII €3.5m for related breaches, including reserve failures.

November 2022 - CBI decides to hold an Inquiry into Mr Smith's participation under Part IIIC of the Central Bank Act 1942.

1 December 2025 - Reprimand and 13-year disqualification imposed on Mr Smith, effective immediately under IAF Act transitional provisions (no High Court confirmation needed).

12 December 2025 - CBI publishes public statement on the enforcement action.

Compliance Impact

Urgency: High – This action signals intensified CBI scrutiny on individual accountability in insurance reserving, with 13-year bans possible for deliberate breaches risking policyholders, even without actual losses. It matters now (post-1 Dec 2025 effective date) as firms face elevated enforcement r

References

Sectors:

Insurance & Pensions

Topics:

Senior Managers / Governance Consumer Protection / Conduct

InsuranceAll Firms

View Original

🇮🇪 CBI Enforcement high

December 10th 2025

Central Bank of Ireland publishes roadmap to deliver a more effective and efficient regulatory framework

New report outlines the Central Bank’s approach to more effective and efficient regulatory and supervisory framework, reducing complexity and improving clarity while maintaining resilience and important protections in the system. This work builds on the Central Bank’s strategy to transform regulation and supervision, including the introduction of our new integrated supervisory approach and the improvements made in our gatekeeping processes in recent years. The roadmap sets out a comprehensive...

AI Analysis

The Central Bank of Ireland published a comprehensive multi-year roadmap on December 10, 2025, aimed at streamlining its regulatory and supervisory framework across four pillars: supervision, regulation, gatekeeping, and reporting. This initiative represents a strategic shift toward more effective and efficient oversight while explicitly maintaining resilience standards and consumer protections, responding to EU calls for regulatory reform to enhance competitiveness.

Sectors:

Banking & Credit Investment Management Insurance & Pensions

Topics:

Authorisation & Licensing Operational Resilience / Outsourcing Reporting & Disclosure

BankAsset ManagerInsurance

View Original

🇮🇪 CBI Enforcement high

November 6th 2025

The Central Bank takes enforcement action against Coinbase Europe Limited for anti-money laundering failures

The Central Bank of Ireland has fined Coinbase Europe Limited €21,464,734 for breaching its anti-money laundering and counter terrorist financing transaction monitoring obligations between 2021 and 2025. The Central Bank of Ireland (the Central Bank) has fined Coinbase Europe Limited (Coinbase Europe) €21,464,734 for breaching its anti-money laundering (AML) and combatting terrorist financing (CFT) obligations with respect to transaction monitoring as required by the Criminal Justice (Money L...

AI Analysis

The Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21,464,734 for AML/CFT transaction monitoring failures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010), involving over 30 million unmonitored transactions worth €176 billion from April 2021 to March 2025. This marks CBI's first enforcement against a crypto firm, highlighting regulators' focus on robust real-time monitoring and timely Suspicious Transaction Reporting (STR) for virtual asset service providers (VASPs). It matters as it sets a precedent for EU crypto compliance amid MiCA and AMLA implementation, signaling increased scrutiny and potential multimillion-euro penalties for similar lapses. #

Sectors:

Payments & E-Money Crypto & Digital Assets

Topics:

AML / Financial Crime

Crypto ExchangeFintechPayment Provider

View Original