AIB repays €26m for overcharging

Allied Irish Banks (AIB) said it is repaying €26 million ($32 million) it overcharged clients on three million FX deals, after a regulator slammed the bank in a report last week.

Liam O'Reilly, chief executive of the Irish Financial Services Regulatory Authority (IFSRA) in Dublin, said the bank had "failed in a number of respects", following the regulator's investigation into overcharging at AIB since 1995. "In some instances, it charged customers more than it was entitled to. It also failed to notify the regulator, as required by law, in relation to certain regulated charges which it levied on its customers."

AIB – which lost $700 million from fraudulent forex

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