Public statement relating to Settlement Agreement between the Central Bank of Ireland and UBS International Life Limited

• Date: 19 June 2012

Settlement Agreement between the Central Bank of Ireland and

UBS International Life Limited

The Central Bank of Ireland (“the Central Bank”) entered into a Settlement Agreement on 19

June 2012 with UBS International Life Limited, a regulated financial services provider, in

relation to various breaches of the Criminal Justice (Money Laundering and Terrorist

Financing) Act 2010 the (“CJA 2010”).

Reprimand and Fine

The Central Bank reprimanded the firm and required it to pay a monetary penalty of

€65,000 for its failure to comply with certain requirements of the CJA 2010, aimed at

protecting the financial system from the risk of exposure to money laundering and terrorist

financing.

Breaches

The breaches identified are:

1.UBS International Life Limited failed to demonstrate that it had instructed any of its

staff on the law in relation to money laundering and terrorist financing from 15 July

2010 (when the CJA 2010 came into force) until December 2010. Furthermore, with

one exception, the firm failed to provide this instruction to the directors of the firm

until 26 April 2011. These failures amounted to breaches of Section 54 (6) (a) of the

CJA 2010.

2.UBS International Life Limited failed to demonstrate that it had met the

requirements for placing reliance on third parties, in accordance with Section 40 (3)

of the CJA 2010, thereby failing to comply with its obligations in relation to the