Safeguarding Customer Funds in Payments and E-Money Institutions




10:00 am


1 hrs

Course Title

Safeguarding Customers’ Funds for Payment and E-Money Institutions

Course Overview

The Central Bank of Ireland has outlined the protection of consumer assets to be a ‘’key priority’’. The regulator requires, in order to become authorised as a payment or e-money institution, firms must have in place adequate mechanisms to protect consumer funds through ‘’safeguarding’’.

As such, applicant firms must hold funds received from consumers for payment/e-money services separately from other funds and place them in a special account held within an EEA authorised bank, or to cover the funds with an insurance or guarantee policy.

Firms must abide by the safeguarding requirements as stipulated by the EU Second Payment Services Directives (PSD2) as well as the Electronic Money Directive, as implemented through the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1) Investment Firms Regulations 2017.

What will you learn?

In this webinar, we will help you to understand the following.

• The requirements and obligations within the Payment Services Regulations 2018 (PSRs ) and the Electronic Money Regulations 2011 (EMRs).

• What does the CBI expect in relation to safeguarding customers funds in payment and e-money institutions?

Who should attend?

This session is aimed at those who are employed, or about to become an employee in an authorised payment institution or e-money institution in Ireland and want to find out more about the regulator’s expectations on safeguarding customer funds.

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