There are two big unanswered questions over the Central Bank of Ireland’s (CBI’s) investigation into Prepaid Financial Services (PFS), the payments company acquired by Australia’s EML Payments last year from Noel and Valerie Moran. The first is, what exactly did PFS do? The second is, whose liability is it? Not a lot is known about the first question, while the CBI investigation is ongoing. An EML statement in May said: “The CBI’s concerns relate to PCSIL’s anti-money laundering / counter terrorism financing (‘AML/CTF’), risk and control frameworks and governance. The Correspondence states that the CBI is minded to issue directions…

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