EML shared tumbled following the release of Central Bank of Ireland update.

EML Payments Limited (ASX: EML) noted a drop in its shares following the release of Central Bank of Ireland update.

Since July 2022, EML’s Irish subsidiary, PFS Card Services (Ireland) Limited (PCSIL) has been undertaking a remediation programme at the direction of Central Bank of Ireland, with the support of external expert advisors. PCSIL has commenced and completed significant work and is still in process to complete other works.

The Central Bank has constructively engaged with PCSIL and acknowledged shortcomings in components of the remediation programme, mainly the sequencing and method to the risk assessment of its distributors, corporates and customers.

PCSIL will adopt an amended method to these components. Post the completion of this work, there is a possibility of other controls being added into the internal control framework. Many activities in preparation for third party assurance have begun and it is projected that the adjustments to the remediation programme will result in assurance being finalised in 2023.

At AEST EML shares are trading at AU$0.950, down 20.502% from the previous close.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au