Central Bank fines payment platform over mishandling funds

Bank said BlueSnap breached safeguarding measures as it did not deposit its customers’ funds in designated safeguarding account

The breaches occurred between January 2021 and December 2022 and were contrary to Central Bank safeguarding measures designed to ensure payment platforms do not mix customer funds with company funds.

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.