An authorised payment institution is required to submit to the Central Bank of Ireland ("Central Bank") at the frequency specified to the payment institution and within 20 business days of the end of the relevant reporting period a report setting out certain information. The details to be included in the report are set out in requirement 4.4 of the reporting requirements contained in the Prudential requirements for payment institutions authorised under S.I. no. 383 of 2009 - European Communities (Payment Services) Regulations, 2009 (‘the Payment Services Regulations’).
Non-submission or late submission of returns is a key indicator in the assessment of the risk profile of authorised payment institutions and in deciding which payment institutions need to be inspected.
The annual audited accounts of a payment institution authorised in Ireland under the provisions of the Payment Services Regulations must be submitted to the Central Bank within six months of the end of the relevant financial year end.
Reporting of Breaches
Payment institutions are required to report any material breaches of legislative or supervisory requirements to the Central Bank.