EML Payments Drops 35 per cent off UK regulator concerns
- The UK regulator raises fresh concerns over EML Payments (EML) UK Subsidiary, Prepaid Financial Services UK (PFS UK)
- EML says the concerns are similar to those raised by the Central Bank of Ireland last year for EML’s Irish subsidiary relating to Money Laundering and Terrorism Financing
- PFS UK will now stop onboarding new customers, agents and distributors until a remediation program is complete
- EML says the temporary onboarding halt will result in an expected group revenue loss of “less than $5 million” in FY23
- EML shares dropped 35.7 per cent to trade at 40.5 cents at market close
