Following the Central Bank of Ireland’s Dear CEO letter of 20 January 2023 and, in particular, the requirement that payment and e-money firms obtain a specific audit of their compliance with the safeguarding requirements under the PSR/EMR an acceptable format for these engagements has been agreed.
We will issue guidance to our members on performing these engagements in due course.
Payment and e-money firms are required to prepare a detailed document setting out a description of aspects of their organisational arrangements to secure their compliance with the relevant safeguarding requirements under the PSR/EMR. Theses forms should also prepare an assertion, approved by the Board of directors, stating that in all material respects 1 the description is fairly presented, and 2 the controls and processes included in the description were operating as described at the reference date.
Further details are outlined in the Safeguarding Notice to Payment and E-Money Firms.
These reports are due by 31 October 2023. Members will be informed via eNews when our guidance is published.