My read of it is that there were always AML issues but the FCA couldn't see them. Due to Brexit, PFS needed another license for the rest of the EU - they went and got one with the Irish Central Bank - who have then picked up on the AML issues.
This says a lot about EML management and their due diligence around the PFS acquisition.
It also says a lot about the FCA's ability or, lack there of, to detect AML issues - as the Irish appear to have been on to things pretty quickly.
Ann: Central Bank of Ireland correspondence, page-39
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