BlueSnap Payment Services Ireland Limited

the Central Bank has decided that it is appropriate to impose the following sanctions: • A reprimand, and 1 Section 33AR(1)(a)(ii) of the 1942 Act 2 • A monetary penalty in the amount of €463,200 with the application of a 30% settlement scheme discount bringing the amount to €324,240. 1.3 BlueSnap has agreed to these sanctions,2 however, they will not take effect unless they are confirmed by the High Court.3 1.4 Further details on the prescribed contraventions and sanctions are set out in Parts 3 and 4 of this Settlement Notice. Summary of Reasons for the Central Bank’s Action 1.5 BlueSnap is authorised as a payment institution and is regulated under the PSR 2018. BlueSnap was first authorised4 by the Central Bank on 23 December 2020, and continued to be authorised during the period of the contraventions. BlueSnap is authorised to provide Payment Service 5 set out in the Schedule to the PSR 2018, which is the “issuing of payment instruments and/or acquiring of payment transactions”. BlueSnap provides “merchant acquiring services” enabling its customers, which are businesses that sell products and services online, to accept payments for products and services sold. When an online sale is made by one of BlueSnap’s customers, BlueSnap should collect the money, hold it securely and then pay it onwards to the customer’s bank account. 1.6 BlueSnap, an Irish entity, is a subsidiary of BlueSnap, Inc., a firm based in the USA. The BlueSnap group enables its customers to accept payments for products and services sold across various currencies in a variety of jurisdictions.