Brief: EML Payments Says PFS Card Services Ireland Got Correspondence From Regulator CBI

EML Payments

24/02/2023 01:22

Feb 24 (Reuters) - EML Payments Ltd  EML.AX :
    * PFS CARD SERVICES IRELAND LIMITED RECEIVED CORRESPONDENCE
FROM
ITS REGULATOR CBI
    * ESTIMATED IMPACT OF RESTRICTING PCSIL'S GROWTH WOULD BE
REDUCTION IN REVENUE OF APPROXIMATELY A$3.5 MILLION FOR APRIL TO
JUNE 2023
    * ESTIMATED IMPACT OF RESTRICTING PCSIL'S GROWTH WOULD BE
REDUCTION IN UNDERLYING EBITDA OF A$2 MILLION FOR APRIL TO JUNE
2023
    * REMAINING 70% OF EML'S GLOBAL REVENUE IS NOT IMPACTED BY
POTENTIAL RESTRICTION
    * RESOLVED TO IMMEDIATELY COMMENCE A STRATEGIC REVIEW OF
PCSIL
WITH ASSISTANCE OF GLOBAL INVESTMENT BANKING ADVISORS
    * CBI HAS STATED THAT IT CONSIDERS THAT PCSIL HAS MADE
LIMITED
REMEDIATION PROGRESS TO DATE
    * CBI HAS STATED SIGNIFICANT AND ONGOING DEFICIENCIES
REMAINING IN
PCSIL'S AML/CFT CONTROL FRAMEWORK
    * CONSIDERS TIMEFRAME TO COMPLETE REMEDIATION PROGRAM AND
THIRD
PARTY ASSESSMENT BY 2023 END IS AT RISK

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