RegSol Blog

Data Protection Issue - Credit Unions seek assurances from Central Bank of Ireland

September 2021

The Irish League of Credit Unions is seeking assurances from the Central Bank of Ireland, (CBI), that it has adequate protections in place for the personal data of those that must register with it. The request comes after the CBI mistakenly gave out information about credit union bosses.

The Beneficial Ownership Register was established under the EU 4th AML directive. It “requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register.” 

At present the chairpersons and chief executives of credit unions are listed in the Beneficial Ownership Register as being the beneficial owners of a credit union.

The data breach resulted in personal details (including name, date of birth, and the first four lines of the home address) of a number of credit union chairpersons and CEOs, being released in error to a requestor who was only entitled to restricted access to the material held on the register.

The breach was reported to the Data Protection Commission.

See the links for the Irish Independent article and also for information on the Beneficial Ownership Register.

Credit Unions demand assurances from Central Bank after data leak blunder

Register of Beneficial Ownership