EML boss meets with Central Bank to discuss remediation plan for his card services company Meath
EML Payments’ new CEO has met with the Central Bank of Ireland (CBI) regarding the firm’s commitment to close a remediation plan to address the watchdog’s concerns about its Irish subsidiary.
EML from australia has been involved in a remediation program regarding PFS Cards Services Ireland since July 2021 under the direction of the CBI. The watchdog launched this after warning EML in May 2021 that it was considering taking action against Co Meath-based PFS (Ireland) Limited, part of the Prepaid Financial Services (PFS) group acquired by EML in 2020.
In July, the CBI said it found “gaps” in the remediation plan to bring FSPs into compliance with rules to prevent money laundering and terrorist financing.
Shand said EML accelerated risk and compliance management appointments
On a recent analyst call, new EML CEO Emma Shand said she and EML Chairman Peter Martin met with CBI. She said it would be “inappropriate to anticipate any conclusions from the CBI”, but called the discussions constructive.
Shand added that EML had accelerated risk management and compliance appointments with a view to finalizing its Irish subsidiary’s remediation program in 2023.
An EML spokeswoman said the CBI meeting was “productive”. She also said Shand reiterated EML’s commitment to maintaining its presence in Ireland.
Last week, Sentenial, an Irish payments company owned by EML, identified fraud within its direct debit business. This could lead to losses of 5.5 million euros for EML.