Central Bank hired EY to assist with Prepaid Financial Services inquiry

The financial regulator raised concerns over governance, anti-money laundering measures and counter-terrorism issues at the company, which was sold by its Irish founders last year

Valerie and Noel Moran: founded Prepaid Financial Services and sold it to EML Payments for just under €170m. Picture: Barry Cronin

The Central Bank of Ireland hired EY, the Big Four professional services firm, to assist with its investigation into anti-money laundering and counter-terrorism concerns at Prepaid Financial Services, the Business Post has learned.

The financial regulator raised concerns over the business regarding governance, risk and control frameworks as well as anti-money-laundering (AML) and counter-terrorism financing matters in May.

In a stock market announcement, EML Payments, its Australian parent company, said the Central Bank had written ...