What: Emoney & Payment Services: Role of the Board and Business in Providing Central Bank of Ireland Attestation

When: Wednesday 2nd March 2022. 09:30 to 10:30am (Irish time) 

Where: Online Event

Cost: Free

Registration: If you missed the opportunity to register for the event at Eventbrite, don't worry, you can register via this Zoom link here https://us02web.zoom.us/webinar/register/WN_LLLpSAqDR_mfYape-eDWbw​



Who Should Attend: The Directors of Boards (PCF1, 2, 3, 4 & 5 particularly the Independent Non-Executive Directors & Chairpersons), Chief Executive Officers (PCF-8), Chief Operating Officers (PCF-42), Heads of Risk Function (PCF-14), Head of Compliance (PCF-12), Heads of Compliance with AML/CFT responsibility (PCF-15), Heads of Internal Audit (PCF-13), Heads of Finance Function (PCF-11), Heads of Legal and others who will be involved in the review and attestation process.  In addition, if you are one of the many payments/emoney firms in the Central Bank's authorisation pipeline or a person who is looking to become an INED at an emoney/payments firm, this event might help gain a deeper understanding of certain regulatory issues.

No later than 31 March 2022, the Boards of authorised electronic money and authorised payment institutions  must attest to the completion and conclusion of a comprehensive assessment of their firm’s compliance with: (1) the firm’s safeguarding obligations under Regulation 17 of the PSR and Regulation 29-31 of the EMR; and (2) the conditions of the firm's authorisation.  This requirement is set out in the Central Bank of Ireland's Dear CEO Letter of 9 December 2021 on Supervisory Expectations for Payment and Electronic Money (E-Money) Firms.

However the Central Bank has not provided any prescribed wording for the attestation.

Join Peter Oakes, Founder of Fintech Ireland, Simon McFeely, Chief Risk Officer, TransferMate and Malachy Kearney, Partner Clark Hill for an in-depth discussion on the Central Bank of Ireland's Dear CEO letter and insights into what Boards and Businesses may wish to consider when preparing to provide the attestation to the Central Bank of Ireland.  

Furthermore the Central Bank expects the Board to oversee this review and to consider the conclusions and any remediation actions emanating from it. If any issues are identified as part of this review, a Board approved remediation plan must be put in place which ensures timely resolution of the issues.   

In addition to the above, the Central Bank of Ireland also sets out in its letter of 9th December 2021 numerous supervisory expectations under the following headings:

1. Governance and Risk Management 
2. Conduct and Culture
3. Safeguarding
4. Business Model and Financial Resilience
5. Operational Resilience
6. Financial Crime 
7. Resolution and Wind-Up

In the final paragraph of its letter, the Central Bank of Ireland reminded Payment and E-Money firms that they are important participants in the financial system and are expected to be able to demonstrate that they are executing their business in a manner consistent with their legislative and regulatory obligations at all times. Those requirements include These the supervisory expectations set out by the Central Bank in its letter. Importantly the Central Bank reminded that 'as breaches of regulatory requirements may result in customer detriment and/or disruption to the financial system, it is imperative that all necessary steps to ensure ongoing compliance are taken and that the consequences of non-compliance, including in terms of the use of the Central Bank’s powers, are understood by Boards.' 

This event will discuss various approaches that regulated firms may wish to consider in having their Boards attest the completion and conclusion of this assessment must be provided to the Central Bank by 31 March 2022.