Bank of Ireland provides €474,000 in ‘money mule’ funds to the Irish State

Ian webb, carol mcalpine, emma white of group security at bank of ireland, and shay dalton of cab

Pictured from left to right are Ian Webb, Carol McAlpine, Emma White (Group Security, Bank of Ireland) and Shay Dalton (CAB).

 

13 April 2026: At Bank of Ireland, protecting our customers, colleagues and communities from financial crime is a core part of what we do. Our Group Security team is constantly investigating cases of fraud and collaborating closely with An Garda Síochána and other law enforcement partners and banks globally.

In 2023, we identified €474,000 linked to 56 historic international fraud cases. These cases, dating from 2012 to 2019, involved Bank of Ireland ‘money mule’ accounts that had received fraudulent funds from foreign banks. Despite extensive efforts, it was not possible to return these funds to the originating foreign banks, who had either confirmed they would not pursue recovery or, following repeated attempts, could not be contacted.

As these funds represented the proceeds of crime, we engaged with the Criminal Assets Bureau (CAB) to determine how they could be lawfully provided to the Irish State. CAB’s mission is to deny and deprive individuals of assets acquired through criminal conduct, ensuring “crime does not pay”. The High Court subsequently approved the transfer of the €474,000 to CAB for the benefit of the Exchequer.

We are proud that these proceeds of crime were recovered and reinvested for the public good. This donation reflects our ongoing commitment to combating financial crime, protecting victims and working collaboratively with national and international partners to strengthen the financial system. We will continue to invest in fraud prevention, detection and awareness initiatives to help keep our customers safe.