On 9 December 2021, the Central Bank published a "Dear CEO Letter" on supervisory expectations for Payment Institutions and Electronic Money Institutions. The "Dear CEO Letter" sets out supervisory expectations of the Central Bank in seven areas, namely (i) governance and risk management; (ii) conduct and culture; (iii) safeguarding; (iv) business model and financial resilience; (v) operational resilience; (vi) financial crime; and (vii) resolution and wind up.
It is important Payment Institutions and Electronic Money Institutions regulated in Ireland have due regard to the content of the "Dear CEO Letter", as boards are expected to complete a comprehensive assessment of the firm's compliance with key regulatory and legislative requirements, and to submit a board approved attestation confirming the completion and conclusion of such assessment to the Central Bank by 31 March 2022.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
