The UK Financial Conduct Authority (FCA) has cancelled Dania Money Transfer Ltd’s registration as a Small Payment Institution (SPI).
The cancellation, efficient March 5, 2026, is in accordance with the Payment Services Regulations 2017 (PSRs).
The regulator concluded that the agency doesn’t meet the situations for registration as an SPI underneath the PSRs.
In explicit, the agency has did not adjust to a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) to be included in a register maintained underneath the MLRs.
Furthermore, the agency did not notify the Authority that its registration underneath the MLRs had been cancelled and it was due to this fact not assembly the situations of its registration as required underneath the PSRs. The agency additionally did not notify the Authority {that a} subsequent software had been rejected.
The agency has failed to supply fee companies inside 12 months of registration and has not been permitted to supply fee companies since 31 July 2024 when its HMRC registration was cancelled.
The agency submitted the FSA057 regulatory return for the 12 months ending 2023 reporting fee companies regardless of informing the Authority that it had not been actively buying and selling. The agency subsequently failed to supply any proof in relation to the fee companies it reported regardless of requests to take action.
Despite repeated requests and warnings, the agency has additionally did not submit its annual regulatory return, specifically the FSA057 regulatory return for the 12 months ending 2024.
The cancellation motion has been imposed in an effort to advance the Authority’s client safety and integrity aims.
