The CBI’s enforcement activity in 2025 is on par with 2024, with both years reflecting a reduced number of enforcement cases since the CBI revised its Administrative Sanctions Procedure in December 2023.

In February 2025, the CBI fined Cantor Fitzgerald Ireland Limited €452,790 for breaching requirements in the Market Abuse Regulation between March 2017 and June 2023. The CBI found that the firm failed to:

• properly report, document and internally escalate suspicious transactions and orders that indicated potential market abuse
• put in place effective governance arrangements to detect and report suspicious transactions and orders

The CBI’s Director of Enforcement stated that firms should review their suspicious transaction and order reporting in light of the findings to ensure they are reporting all reasonable suspicions of market abuse to the CBI.

In May 2025, the CBI published the Written Decision of the Inquiry into Irish Nationwide Building Society (INBS) and five individuals previously concerned in the management of INBS. The Inquiry found that Mr John Purcell, former executive board member and secretary of INBS, had participated in regulatory breaches committed by INBS, namely, INBS’ failure to comply with its internal policies and procedures relating to commercial lending and credit risk management between August 2004 and September 2008. Mr Purcell was disqualified from being concerned in the management of any regulated financial service provider for four years and directed to pay a €130,000 fine.

Although the Inquiry accepted that Mr Purcell was not directly involved in day-to-day commercial lending, his role as board member, his involvement in correspondence with the CBI and his attendance at audit committee meetings were significant factors in him being found to have participated in the breaches by INBS. In market commentary, the CBI noted that it considered Mr Purcell’s conduct to be a significant departure from the standard required of a board member with regard to governance, commercial risk management, supervision and oversight.

In July 2025, the CBI fined Swilly Mulroy Credit Union €36,273 for conducting a cash lodgement and transfer service, for customers it had solicited, in breach of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the 2010 Act) and Credit Union Act 1997 over a seven and a half year period. The anti-money laundering/counter-terrorist financing (AML/CFT) and risk management failures were identified by the CBI during an on-site inspection by its Anti-Money Laundering Division.

Despite the board’s awareness of the risks associated with the business service, it did not take steps to manage the risks by ceasing the service or putting in place AML/CFT measures to ensure compliance with the 2010 Act. Nor did the board or senior management notify the CBI of concerns or potential breaches. The facts and findings serve as a reminder that boards and senior management must ensure that all relevant business lines are subject to appropriate client due diligence, AML/CFT risk assessment and risk controls, and that regulatory concerns or breaches are promptly reported to the CBI.

Most recently, in November 2025, the CBI imposed a fine of €21,464,734 on virtual asset service provider, Coinbase Europe Limited (Coinbase), for its failure to comply with transaction monitoring obligations in the 2010 Act in relation to over 30 million transactions. Coinbase also failed to adopt sufficient internal policies, controls and procedures to prevent and detect the commission of money laundering and terrorist financing. Although Coinbase outsourced significant aspects of its transaction monitoring process to a sister entity based in the United States, it failed to properly oversee the transaction monitoring and remained responsible for compliance with the 2010 Act. This was the first fine imposed by the CBI on a firm in the crypto sector.