On 9 December 2021, the Central Bank issued a letter setting out its expectations for all Payment and E-Money firms and instructing them to complete a comprehensive assessment of their compliance with key legislative and regulatory requirements. Firms are required to provide a Board approved attestation confirming completion and conclusion of this assessment to the Central Bank by 31 March 2022.

Summary of expectations

The Central Bank letter emphasises the increasingly important role Payment and E-Money firms play in the financial system and the lives of consumers and the significant impact on consumers arising from the failure of firms to meet their supervisory and regulatory requirements. It sets out the Central Bank expectations for all Payment and E-Money firms including the seven key areas set out below which are a priority for the Central Bank.

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