CBI’s safeguarding expectations following letter to Payment and e-money firms Webinar

Watch this webinar where, Director, Alison Donnelly, and Senior Manager, Greg James, discuss the (many) pain points in safeguarding, the Central Bank of Ireland’s expectations and (looking into the future) the likely next steps once the mandated safeguarding audits have been reported upon. 

Download this free on-demand webinar today!

CBI’s safeguarding expectations following letter to Payment and e-money firms Webinar

Safeguarding is top of the five key areas of findings listed by the Central Bank of Ireland (CBI) and one of its most important objectives. At the time of the CBI’s dear CEO letter in January 2023, one in four payment and e-money firms had self-identified deficiencies in their safeguarding risk management framework despite the positive attestation made the previous year. This has prompted a Dear CEO letter requirement to undertake an independent external audit which now has to be reported upon by the end of October 2023. 

Leaning on fscom’s broad experience of auditing the safeguarding arrangements of more than 40 payment and e-money institutions, including many in Ireland, our experts will discuss the legislative requirements, the red flags that indicate potential difficulties and misunderstandings and the controls that firms should have in place to provide the Board with confidence as to compliance. 

In this session, we will help you to understand the following:
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The safeguarding rules and how they apply to the different types of payment models.
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What we know already of the CBI’s expectations for firms to be compliant with the safeguarding requirements under the European Union (Payment Services) Regulations 2018 (PSR) and European Communities (Electronic Money) Regulations 2011 (EMR).
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The internal controls that should be in place in payment and e-money institutions?
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Common errors and misunderstandings that we find when auditing or advising payment and e-money institutions.
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How to prepare your business for your Safeguarding Audit.
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About fscom

At fscom, we strive to offer excellent service in a professional and personable manner. We deliver this through our unrivalled understanding of financial services regulation and a strong emphasis on taking a commercial and innovative approach that puts our clients’ needs first.

We are specialists in providing regulatory advisory services to a broad range of financial services institutions including payment services and e-money, retail banks, cryptocurrency, trading and broking and asset management firms.

We work across three core areas of regulatory compliance, financial crime and cyber security and provide a range of services including compliance advice, authorisations, audits, interim roles and compliance training.
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