Central Bank of Ireland Publishes Findings from its Fitness and Probity Thematic Inspections

On 17 November 2020, the Central Bank of Ireland (the "Central Bank") published an industry letter to all regulated financial service providers setting out its findings from thematic inspections assessing the level of compliance with obligations under the Central Bank's fitness and probity regime. The findings focus on five key issues:

  1. the role of the board of directors in the fitness and probity process;
  2. the level of due diligence being conducted by firms;
  3. outsourcing of roles which are subject to the fitness and probity regime;
  4. engagement with the Central Bank; and
  5. the role of the compliance function.
Firms should consider the contents of this letter and determine what, if any, action needs to be taken. Our advisory provides an overview of the issues raised in the Central Bank's letter.


Click to view advisory