Australia's EML Payments has parted ways with its CEO after less than a year and initiated a strategic review that could lead to a sell off, as it struggles to placate the Central Bank of Ireland over anti-money laundering deficiencies at its Irish subsidiary.
The ASX-listed outfit says Emma Shand has resigned after 10 months in the job in light of a change in "operational priorities" at the firm.
Industry veteran Kevin Murphy has been named interim CEO while a search is carried out for a permanent chief.
The change comes after EML’s reconstituted board decided to ditch a long-range strategy only announced in November in favour of focusing on its immediate priorities.
Chief among these is dealing with concerns at the Central Bank of Ireland. In 2021, the bank began investigating PFS Card Services - which was acquired by EML Payments in 2020 - for breaches relating to money laundering and risk and control frameworks.
PFS has been working on a remediation plan, but in February EML revealed that the central bank has written to it warning that it is not satisfied with these efforts and there have been "ongoing deficiencies".
Now, EML says it plans to "progress remediation efforts swiftly" in line with the central bank and the UK’s FCA’s expectations.
Meanwhile, the company has appointed investment bank Barrenjoey to advise on a strategic review that will consider all options, including a sale of all or parts of the business.
By on Tue, 18 Apr 2023 00:02:00 GMT
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