News: EML EML Payments Says PFS Card Services Ireland Got Correspondence From Regulator CBI

Feb 24 (Reuters) - EML Payments Ltd (EML) :

• PFS CARD SERVICES IRELAND LIMITED RECEIVED CORRESPONDENCE FROM ITS REGULATOR CBI
• ESTIMATED IMPACT OF RESTRICTING PCSIL'S GROWTH WOULD BE REDUCTION IN REVENUE OF APPROXIMATELY A$3.5 MILLION FOR APRIL TO JUNE 2023
• ESTIMATED IMPACT OF RESTRICTING PCSIL'S GROWTH WOULD BE REDUCTION IN UNDERLYING EBITDA OF A$2 MILLION FOR APRIL TO JUNE 2023
• REMAINING 70% OF EML'S GLOBAL REVENUE IS NOT IMPACTED BY POTENTIAL RESTRICTION
• RESOLVED TO IMMEDIATELY COMMENCE A STRATEGIC REVIEW OF PCSIL WITH ASSISTANCE OF GLOBAL INVESTMENT BANKING ADVISORS
• CBI HAS STATED THAT IT CONSIDERS THAT PCSIL HAS MADE LIMITED REMEDIATION PROGRESS TO DATE
• CBI HAS STATED SIGNIFICANT AND ONGOING DEFICIENCIES REMAINING IN PCSIL'S AML/CFT CONTROL FRAMEWORK
• CONSIDERS TIMEFRAME TO COMPLETE REMEDIATION PROGRAM AND THIRD PARTY ASSESSMENT BY 2023 END IS AT RISK