The Central Bank of Ireland has fined BlueSnap Payment Services Ireland Limited €324,240 for breaching requirements of the European Union (Payment Services) Regulations 2018 (the PSR 2018) between January 2021 and December 2022.
BlueSnap was authorised by the Central Bank as a payment institution under the PSR 2018 on 23 December 2020 to provide payment services. BlueSnap provides “merchant acquiring services” enabling its customers, which are businesses that sell products and services online, to accept payments for products and services sold. When an online sale is made by one of BlueSnap’s customers, BlueSnap should collect the money, hold it securely in a segregated bank account and then pay it onwards to the customer’s bank account.
The PSR 2018 contains specific safeguarding requirements for payment institutions that provide…
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