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Wed 05 May 2004Banks may face €5m fine for overcharging under new lawThe Government has approved new measures to empower the regulator of the financial institutions to levy fines on banks of up to €5 million if they overcharge their customers, it has emerged, writes Arthur Beesley, Political ReporterIn a direct response to the foreign exchange affair at AIB, the Cabinet yesterday agreed to introduce immediate changes which will make it a crime to charge more for a service than the rates advised to the Irish Financial Services Regulatory Authority (IFSRA).