Central Bank Dear CEO Letter – Payment and E-Money Firms
The Central Bank of Ireland has issued a Dear CEO letter, setting out its supervisory expectations for the Payments and E-Money sector.
Background
The Central Bank of Ireland (the “CBI”) has issued a Dear CEO letter in which it sets out is supervisory expectations for Payment and E-Money firms. The letter has been issued in the context of substantial growth in the Payments and E-Money sector, and the resulting increased risk to consumers should a firm breach its regulatory requirements.
Supervisory expectations
The CBI’s supervisory expectations are divided into seven themes:
Next steps
In the letter, the CBI states that the authorisation and supervision of Payment and E-Money firms has moved to the Credit Institutions Supervision Directorate.
The CBI expects firms to note the contents of the letter and to carry out a comprehensive assessment of their compliance with the safeguarding provisions of the relevant regulations and with the conditions of their authorisation. A board-approved attestation of the completion of this assessment must be sent to the CBI by 31 March 2022.
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