Regulator allows Prepaid Financial Services to sign up new customers

regulator allows prepaid financial services to sign up new customers

Sumary of Regulator allows Prepaid Financial Services to sign up new customers:

  • The Brisbane-based group acquired PFS last year from Co Meath couple Noel Moran and Valerie Moran.
  • Shares in EML plunged almost 46 per cent in a single day on May 19th though when the company said the Central Bank had raised concerns about the Irish unit’s “Anti-Money Laundering/Counter Terrorism Financing (AML/CFT), risk and control frameworks and governance”.
  • EML said at the time that the regulator might restrict the activities of the unit, which was responsible for PFS’s European business and accounted for 27 per cent of group revenues in the first three months of the year.
  • The group clarified later in August that the Central Bank had not identified any instances of financial crime, AML or CTF events, nor deficiencies with respect to safeguarding, capital adequacy, or solvency measures.

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