Thousands face losing money with shopping centre gift cards in limbo.
Thousands of people face losing the money on their shopping centre gift cards, after the payments firm that manages the funds was shut down by regulators.
Shopping centres including Dublin's Liffey Valley, Mahon Point in Cork, White Water in Kildare and The Square Tallaght are now unable to sell or accept gift cards due to the shutdown. It follows the announcement that Lithuania-based UAB PayrNet had their licence revoked for alleged breaches of money laundering laws."After a period of time, usually 12 or 13 months, as the holder of the card you pay a management fee that's deducted each month from the balance on the card," he said."The goal, and the selling point of that fee, has always been that there's a safeguarding mechanism.
"[This] means any money that's paid into the account must be ring-fenced into a separate account, so in the event of something like this, your money is safeguarded. "The difficulty is, there's no clarity in relation to where that money that's supposed to be ring-fenced is".Mr Jewell said this is being looked at by Central Banks,"all across the EU - it's not just Ireland.""There's legislation around it, but the problem is if you look at tall the terms and conditions associated with these cards - to all intents and purposes - if the organisation fails, then the money may go with them," he said.
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