Jan 31, 2023
Ireland Orders Audit of All Payment Firms on Governance Worries
(Bloomberg) -- All payment and e-money firms regulated in Ireland have been told to commission an audit of their business after “significant deficiencies” were identified across the sector.
The Central Bank of Ireland said issues concerning the governance, risk management and control frameworks of some firms were identified through its “intense supervision” of the sector over the last 12 months, according to a Jan. 20 letter to company CEOs.
Dozens of companies will be required to carry out the special audits, according to the Irish Independent, which first reported the news. Firms including Meta Platforms Inc., Stripe Inc. and Alphabet Inc. have all received letters, the paper said.
The CBI flagged particular concerns with some firms’ efforts to safeguard users’ funds, and ordered that companies obtain a “specific audit of their compliance with the safeguarding requirements” under EU payment services and electronic money regulations.
The checks must be carried out by external auditors and submitted by July 31.
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