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EML Payments Advises on Central Bank of Ireland Correspondence

19 May 2021  |  09:52:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Central Bank of Ireland correspondence

EML Payments advised that its Irish regulated subsidiary, PFS Card Services (Ireland) (PCSIL), has received correspondence from the Central Bank of Ireland (CBI), including a letter received on 14 May 2021 raising significant regulatory concerns (Correspondence). The CBI is the relevant regulator in Ireland. The CBI's concerns relate to PCSIL's Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF), risk and control frameworks and governance. The Correspondence states that the CBI is minded to issue directions to PCSIL pursuant to section 45 of the Central Bank (Supervision and Enforcement) Act 2013.

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