The Central Bank of Ireland says banks need to ensure designated entities are blocked
The Central Bank of Ireland said it is aware of specific instances of card transactions involving US cards issued by a Belarusian bank, Belgazprombank, which has been sanctioned by the EU since early this year.
That bank was sanctioned for using the Central Bank of Russia’s financial messaging system to circumvent EU sanctions.
A wave of sanctions have been imposed on Russian and other banks following its full-scale invasion of Ukraine in 2022.
“There is a risk that there may be other designated entities who are subject to EU restrictive measures which have issued products that need to be blocked by Irish banks, PSPs, ATM operators and merchant services,” the Central Bank of Ireland warned in its first financial crime bulletin.
“Failure to do so poses a heightened risk of breaching EU sanctions.”
A Belgazprombank office in Gomel, Belarus. Stock image. Photo: Getty
News in 90 Seconds – 12 December 2025
The Central Bank said ATM transactions are often facilitated through international card schemes which use Bank Identification Numbers (BINs) to identify the card-issuing bank.
“Due to the global nature of these schemes, cards issued by banks or entities subject to EU financial sanctions may still be used at EU ATMs unless those BINs are specifically blocked,” it said.
The bank said it is important that Irish banks, ATM operators, payment service providers and merchants services be aware that card schemes apply their own compliance control, but that those controls may not always reflect the full scope of EU sanctions.
For example, it said US card schemes might only reflect US Office of Foreign Assets Control regulations and not always EU regulations.
The Central Bank bulletin also warns that fraud and scams continue to grow through digitalisation and ever-increasing online activity.
Cyber attacks can have catastrophic consequences
Michael Kavanagh, the chief executive of the Compliance Institute, said that cyber crime is developing and advancing at such a pace “that organisations and legislators cannot keep up”.
“Cyber attacks can have catastrophic consequences, not just for those whom they are perpetrated against but for the wider public,” he said.
“The growing sophistication of fraudsters means scams have become harder to spot, and therefore easier to fall for.
“Fraudsters are also able to use technology to identify and target people, as well as to extract the information they need to steal from someone.”
The HSE said this week that it is offering €750 each in compensation to people affected by the 2021 ransomware attack on its computer system. As many as 90,000 people were impacted when criminals breached the system and stole personal details.
The attack cost the HSE more than €100m, while settlements with those affected – which could include the payment of legal fees – could potentially double the cost.
The Central Bank said that frauds and scams are “recognised as a major issue for consumers, businesses and society”.
“It is a priority for the Central Bank that measures are taken to prevent fraud and scams occurring through the financial system,” it said.