EML Payments sets aside €7m for Central Bank investigation into Prepaid Financial Services

Sum is a provision to cover costs and potential fines relating to anti-money laundering and counter-terrorism concerns at Irish subsidiary of Australian fintech

17th August, 2021
EML Payments sets aside €7m for Central Bank investigation into Prepaid Financial Services
The Central Bank raised money laundering concerns about Prepaid Financial Services, which issues pre-paid cards to customers, in May. Picture: Rollingnews.ie

EML Payments, the Australian fintech company, has set aside more than €7 million to cover the potential costs of an ongoing investigation by the Central Bank of Ireland into its Irish subsidiary, Prepaid Financial Services.

Announcing its full-year results, EML said it had set aside the amount, equivalent, to A$11.4 million, as a provision to cover existing costs and potential fines imposed by the Central Bank relating to anti-money laundering and counter-terrorism concerns at Prepaid...

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