The Central Bank’s risk-based supervision in 2018 focused on continuing to strengthen credit union core foundations across governance, risk management and operational capabilities, according to the Central Bank of Ireland 2018 Annual Report, issued last week.
The Department of Finance have published a Consultation Paper titled “Capping the cost of Licensed Moneylenders and other regulatory Matters”. The consultation period runs to the 31st July 2019.
The new 2018 Regulatory Technical Standards for Strong Customer Authentication are effective from 14th September 2019. Exemptions from the requirements to apply Strong Customer Authentication are available to Payment Service Providers in certain circumstances.
CUDA’s Chair, CEO and members of the management team will meet with the Registrar of Credit Unions and other staff of the RCU on the 18th June 2019. Any concerns or issues would you like us to include on the Agenda and address at the meeting, please let us know.
The 2019 ICURN Peer Review of the Central Bank’s performance of its regulatory functions is currently underway. This review is assessing the legal, regulatory and prudential supervisory framework in place to fulfill the Central Bank’s responsibilities under Section 84 of the Credit Union Act, 1997 having regard to proportionality, nature, scale and complexity of credit unions operating in Ireland.
The Central Bank has imposed a €280,000 fine on an investment firm for 5 breaches of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The breaches include failure to conduct appropriate money laundering/terrorist financing risk assessment and failure to adopt adequate policies and procedures for preventing and detecting ML/TF.