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Central Bank fines payments company BlueSnap more than €300,000 for regulatory breaches

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BlueSnap ‘exposed its customers to significant risk’ by failing to deposit their funds in its designated safeguarding account

Firm ‘exposed its customers to significant risk’ by failing to deposit their funds in its designated safeguarding account

The fine, totalling €324,240, was issued by the financial regulator after BlueSnap was found to have breached requirements of the European Union Regulations 2018 between January 2021 and December 2022. Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions

The company also delayed informing the Central Bank once it became aware that it was not following the safeguarding procedures that it had set out to the Central Bank in its application for authorisation. The regulations state that payment institutions must hold customers’ money securely for the duration of those transactions in a segregated bank account established for the sole purpose of holding funds, or have an insurance policy or comparable guarantee in place for an amount equal to the funds being held.

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