EML shares jump as Irish unit given go-ahead to sign up new customers

Home AI EML shares jump as Irish unit given go-ahead to sign up new customers
EML shares jump as Irish unit given go-ahead to sign up new customers

Shares in EML Payments soared more than 30% on Thursday after its Irish subsidiary was given the green light by the Central Bank of Ireland to again start signing up new customers and launch new programmes

Earlier this year, the Irish central bank began investigating PFS Card Services – which was acquired by EML Payments in 2020 – for breaches relating to money laundering and risk and control frameworks.

Although the central bank did not identify any cases of financial crime or money laundering issues, it did raise questions about PFS Card Services’ high growth plans.

Following submissions from EML, the regulator has now agreed that PFS can start signing up customers and launching programmes again, although the unit must stay within “material growth restrictions” for up to 12 months.

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