Payments

All Irish payment firms to get audited after regulator finds ‘significant deficiencies’

The financial regulator has flagged concerns with some firms’ efforts to safeguard users’ funds

The regulator found issues after examining the sector over the past year. Picture: Fergal Phillips

All payment and e-money firms regulated in Ireland have been told to commission an audit of their business after “significant deficiencies” were identified across the sector.

The Central Bank of Ireland said issues concerning the governance, risk management and control frameworks of some firms were identified through its “intense supervision” of the sector over the last 12 months, according to a January 20 letter to company chief executives. Details of the firms found to be ...