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Bank of Ireland UK Fined £3.7 Million for Delayed Payee Verification System

First seen 19 Feb 2026, 15:18 UTC • Computerweekly

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The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.7 million for failing to implement the Confirmation of Payee system by the deadline. The bank was 14 months late, affecting 1.14 million new payees and payments totaling nearly £7 million, which were not subject to the necessary verification checks designed to reduce fraud and misdirected payments.

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2026-02-19

Bank of Ireland UK fined £3.7 million by PSR for late system implementation

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Bank of Ireland UK Fined £3.7 Million for Delayed Payee Verification System

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