As the Central Bank of Ireland works tirelessly to keep up with the continuous advancement in the financial services and fintech industries, payment services and e-money firms should expect to see a more sophisticated and technologically advanced approach to regulatory supervision and scrutiny.
Over the course of the next twelve months, firms operating in this space will need to navigate:
- New and amended Payment Services Directives and Regulations;
- The Central Bank's new supervisory model and the introduction of a dedicated Payment and E-Money Institutions Supervision Division; and
- The potential for regulatory follow-up on the actions taken post the Dear CEO letters issued to payment and e-money firms in both 2021 and 2023, and the resulting Safeguarding Audit that ensued.
HOW CAN WE HELP?
We take a holistic approach to the challenges faced by payment services and e-money firms, delivering a professional service experience which is unique in the Irish market. By combining our world-class legal expertise with our operational know-how, we can deliver an end-to-end solution that ensures you not only understand your regulatory requirements but also successfully integrate them into your operations.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
