EML took five days to reveal money laundering concerns
James Frost, 25 May 2021
The Brisbane-based firm, which specialises in pre-paid gift cards and reloadable sports betting cards, revealed it was alerted to the Central Bank of Ireland’s (CBI) concerns about the risk of money laundering in a letter to its wholly owned subsidiary PFS Card Services Ireland Limited (PCSIL) late on Thursday, May 13.
“PCSIL received the CBI’s letter at 11.12pm on Thursday evening, 13 May 2021 (Australian time). The letter was preceded by a call with the CBI at 10pm on Thursday evening, 13 May 2021 (Australian time),” EML said in its statement.
“The call was attended by senior managers of PCSIL, including an executive director. EML’s group chief risk officer also attended the 10pm call and was sent a copy of the letter at 11.12pm.”
In language now familiar to many following high-profile breaches of anti-money laundering and counter-terrorism financing laws in Australia, the CBI expressed concerns about PCSIL’s “risk and control frameworks and governance”.
