On 20 January 2023, the Central Bank published a Dear CEO Letter to payment institutions and electronic money institutions highlighting recent supervisory weaknesses identified and reaffirming supervisory expectations and actions for these sectors.
The Dear CEO Letter sets out actions identified by the Central Bank to remedy deficiencies in five key areas, namely,
- governance, risk management, conduct and culture,
- business model, strategy, and financial resilience,
- operational resilience and
- anti-money laundering and countering terrorist financing.
The Dear CEO Letter should promptly be brought to the attention of and considered by the board of any payment institution or electronic money institution bearing in mind the 31 July 2023 Central Bank submission deadline for an audit review and board response regarding compliance with safeguarding requirements.
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