This is the largest fine handed out to date by the new Financial Services Authority.
The bank, which has 500,000 customers in the Province, admitted yesterday that it had not kept proper records of the details customers must provide when opening new accounts.
It said it accepted the FSA’s findings and had now addressed the problem.
The authority said that regulations which call for customers to give two forms of identification – one photographic and another as proof of address — were breached.
Ryanair, often described as an upstart budget airline, now has a rival.
Mytravel Lite plans to run two daily flights from Dublin to Birmingham and 60 seats on every flight will be sold at