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

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 on the Australian stock ...