UK PSR fines Bank of Ireland £3.78M for failing to implement Confirmation of Payee on time, leaving £6.9B in payments and 1.14M payees exposed to fraud, flagging the risk of delayed anti-fraud measures

The bank missed the regulatory deadline by over a year, leaving approximately 1.14 million new payees and around £6.9 billion in payment activity without this fraud protection. CoP is crucial in preventing authorised push payment (APP) fraud and mis‑directed payments, and the PSR’s enforcement underscores that delays in implementing such safeguards are treated as serious compliance breaches, exposing both customers and institutions to significant financial crime risk…