Central Bank Enforcement Action into Cyber Frauds Highlights Mandatory Reporting

Ireland’s mandatory reporting obligations have broad reach and failure to comply with them is a criminal offence.  Section 19 of the Criminal Justice Act 2011 imposes a requirement on organisations and individuals to report information relating to possible frauds which might either prevent the fraud being committed or secure the apprehension prosecution or conviction of a person involved in fraudulent activity.  Any failure to comply with mandatory obligations uncovered in a subsequent regulatory investigation is likely to be viewed as an aggravating factor in the assessment of penalties.

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