Prepaid Financial Services’ parent says Central Bank’s concerns may affect European business

Regulator outlined issues to EML Payments regarding PFS’ anti-money laundering and terrorism-financing rules

23rd May, 2021
Prepaid Financial Services’ parent says Central Bank’s concerns may affect European business
Valerie and Noel Moran: founders of PFS. Picture: Barry Cronin

The Central Bank’s engagement with Prepaid Financial Services (PFS) concerning anti-money laundering rules and other regulatory matters has implications for its European business, its parent company has said.

PFS’s European business mainly operated through Britain and was regulated there, but it transferred to Ireland last year ahead of Brexit and now comes under the regulatory remit of the Central Bank of Ireland.

On Monday, PFS’s parent company EML Payments halted trading...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Related Stories

Analysis: Draft legislation brings individual accountability for financial sector misconduct a step closer

Ian Guider: Moneylending doesn’t need a revamp, it needs to be replaced

Phil Hogan appointed to executive advisor role in decentralised finance legal assurance firm

Hobbs to publish novel ‘like Da Vinci Code’