This is the first time that Ireland's central bank imposes a fine on the basis of the 2011 code of conduct. The code was introduced in the aftermath of the financial crisis when it became apparent there were insufficient checks in the sector.
KBC says that at no time was any customer disadvantaged as a result of the violations. The bank and related parties didn't benefit either.
KBC stresses that it was its Irish daughter that alerted the authorities to the violations. KBC Ireland has investigated the matter and has taken the action needed to remedy the situation.