Central Bank ‘Dear CEO Letter’ - Supervisory Findings and Expectations for Payment and Electronic Money (E-Money) Firms

The Central Bank of Ireland (“CBI”) has published a Dear CEO letter to Payment and Electronic Money (E-Money) firms to reaffirm their supervisory expectations.  The CBI had previously published such a letter in December 2021 outlining these supervisory expectations. This latest letter noted the increasing importance of the Payments and E-Money sector and that the CBI have had a further year of “intense supervision of the sector”. They further noted that “the level of intensity, which is beyond what we would expect for this sector, is on the basis of the significant deficiencies identified in the governance, risk management and control frameworks of some Payment and E-Money firms” and hence this letter.  

The DPC would like to draw Members attention to some developments on their website in respect of Breach Notifications.

As part of the rollout of the DPC’s new case management system, an automated acknowledgement will now immediately issue in response to any breach notifications submitted by data controllers. This automated reply will contain a DPC reference which should be quoted (in full and unaltered) in any further correspondence, to ensure that it is properly associated with the correct case file.

The case reference provided by the DPC will appear different to the “BN” format previously used. The new case references are prefixed with DPC (for example DPC0601123456). Any internal reference from the data controller’s side will not be included in the DPC automated reply, so the DPC would request that you track any breach notification submissions which you make and match them to the automated reply which you will immediately receive.

D&I Committee Members 

Compliance Institute has formed a D&I Committee to foster a culture where diverse voices are welcomed, respected, and heard. The D&I Committee is tasked with ensuring that the Institute actively promotes and aspires to advance the culture of diversity and inclusion through intentional, positive, and conscious efforts that benefit members.

If you have experience or an interest in diversity, inclusiveness, and culture and would like to participate on this committee, email [email protected] to register your interest.

Compliance Institute Education - Register Now: 

Professional Certificate in Leadership for Compliance Professionals

This course is aimed at new or experienced managers, supervisors and team leaders or aspiring leaders in the workplace who want to learn how to improve their leadership and influencing skills. The next course is scheduled to commence on Monday 20th March 2023 and will run one morning over 8 weeks from 9:30am to 12:30pm subject to a minimum number of students.

Professional Certificate & Diploma in Compliance, a level 7 qualification on the NFQ, provided by IOB and awarded by UCD, commences: 6th February 2022, closing date for registration: 20th March 2023 

Diploma in Fintech Risk & Compliance, a level 7 qualification on the NFQ provided by PAT and awarded by TU Dublin plus, 90% funded by Springboard+ commences week beginning March 6th.

For more information and to keep up to date on all upcoming Education programmes for 2023 please go to our education page. 

Upcoming CPD Events

Investments Firms Outlook 2023 Event 

Leading experts will discuss the key regulatory themes that will shape the investments industry for the year ahead including areas such as IFD/IFR, SEAR, operational resilience, cyber security and technology risk, AML/CTF, ESG and sustainable finance. 

Take advantage of the opportunity to ask all your pressing questions to our thought leaders.

Free Event 

Venue: In-person at The Marker Hotel, Dublin

Date: 23rd February 

Time: 18:00 - 19:30

CPD : TBC