The Central Bank of Ireland has fined payments platform BlueSnap Payment Services €324,240 for breaching regulations around the mishandling of its customers' money. The breaches occurred between January 2021 and December 2022 and were contrary to safeguarding measures designed to ensure payment platforms do not mix customer funds with company funds. BlueSnap is authorised by the Central Bank to provide “merchant acquiring services” to businesses who wish to accept payments online for products and services sold. “Safeguarding is particularly important as there is no compensation or deposit protection scheme applicable to the payment and e-money sector,” the Central Bank said. The Central Bank said BlueSnap breached safeguarding measures as it did not deposit its customers’ funds in BlueSnap’s designated safeguarding account, it mixed its customers’ funds with other funds, and the company delayed informing the Central Bank once it became aware it was not following the safeguarding procedures.

Source: Irish Examiner November 21, 2024 14:24 UTC