Amendments Processing for Money Transmission Businesses

There are ongoing supervisory requirements that Money Transmission businesses must comply with.
These are contained in the ‘Authorisation Requirements and Standards’ imposed at the time of a firm’s initial authorisation.

If a Money Transmission business is unclear about its obligations, it may contact the Consumer Protection: Supervision Division.  Contact details are available in the Contact Us section.

Pricing

Money Transmission businesses providing relevant services must comply with Section 149A of the Consumer Credit Act, 1995 (as amended) ('the CCA') which provides that you shall not impose a new charge or increase an existing charge for a service provided to a customer or a group of customers, without the prior approval of the Central Bank of Ireland (the 'Central Bank').

The Central Bank may impose sanctions on a firm pursuant to Part IIIC of the Central Bank Act, 1942 ('the Act') if, having concluded an inquiry, it determines that the firm has committed a contravention as defined by section 33AN of that Act.

Please see attached note on Section 149A of the CCA.