As you will be aware from an email communication from Central Bank to Credit Unions, sent on 31st May 2019, with the subject ‘PSD2 Fraud Reporting – data transmission requirements to the CBI’, there is a new European Banking Authority (EBA), Fraud Reporting Requirement under PSD2. Directive 2015/2366/EU (the second Payment Services Directive, or ‘PSD2’) entered into force from 13 January 2018 and was transposed into Irish law by Statutory Instrument S.I. No.6 of 2018. Payment Service Providers (PSPs) resident in Ireland are required by Article 96(6) of PSD2 to transmit statistical data on fraud relating to different means of payment to the Central Bank of Ireland. The Central Bank of Ireland as the Competent Authority (CA) appointed, must therefore, provide EBA and the ECB with such data in an aggregated form. This reporting requirement applies to all PSPs including credit unions.
The first fraud report to Central Bank is due by 30th September.
CUDA included a presentation on this topic from Beverley Horan, Central Bank at last November’s MLRO Training Event in Citywest.
Central Bank (Paystats) are running a webinar on the 30th July at 10am to provide guidance on this new reporting requirement. Central Bank requested CUDA to provide email contact details for the relevant person or MLRO, who will likely complete this reporting requirement for your credit union.
Central Bank will communicate directly to the relevant contact and provide the logon details for the webinar on the 30th July.
CUDA would like to thank the CUs who already have confirmed their email contact details. If you have not done so to date please let us know ASAP to roisin.smith@cuda.ie so that we can pass on to CBI.
- Please confirm the relevant person’s/MLRO’s name & email contact details
- Confirm, it is ok for CUDA to send the email contact details to Central Bank?