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The Bank of Montreal’s Irish subsidiary has been fined €1.25-million ($1.88-million) by Ireland’s central bank for breaching a condition of its banking licence.

The central bank says the Bank of Montreal Ireland PLC failed to establish and maintain processes and controls to ensure the submission of certain reports regarding operational risk.

It said BMO has admitted the breaches in full.

BMO was not immediately available for comment.

The central bank says the appropriate fine amounted to €1.78-million but this was reduced by 30 per cent, as per its procedures for early settlements.

It added that this was the Canadian lender’s second reprimand and fine for deficiencies in regulatory reporting.

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