EML -22.18%: further pain for the payment card technology business after it announced issues with its remediation program on the back of Anti-money laundering concerns from the Central Bank of Ireland that was announced last year. Issues with the remediation plans have been brought to the company’s attention and works are now expected to continue into 2023 to resolve the issue. The subsidiary in question, PCSIL, has been working under growth constraints imposed by the regulator while the issues are resolved and today’s announcement adds to the risk that the limitations will be extended beyond their planned expiry in December. New CEO Emma Shand, now just 3 weeks in the role, has her work cut out for her to return the business to growth once these issues pass. There has been some corporate interest in the stock in recent months though, perhaps a get-out-of-jail-free card if needed.
MM is imploring the EML board to engage with corporate interest
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