Emma RadmoreThe FCA has published details of requirements it imposed on Sendsii Limited, a money remitter, on 23 January. HMRC had suspended the firm’s AML registration in October 2025 for a period of 6 months, and as a result the firm no longer meets the requirements for authorisation under the PSRs.
Under the terms of the requirements, the firm must return all funds to customers, cannot onboard any new customer or agents or accept any new customer funds or account credits, and cannot carry out any payment services without FCA’s agreement.
The FCA also required it to provide details of all its agents and bank accounts, together with proof that it had notified all its customers, agents and bank/payment providers of the fact and effect of the requirements, and to keep the FCA updated each week with its bank statements and confirmation it is not providing any payment services or otherwise breaching the requirements.
The requirements followed a number of attempts by the FCA to contact the firm initially over a query about one of its agents and to remind it to submit the Baseline Financial Resilience Report that was due on 30 December 2025. The firm had not submitted any regulatory returns since October 2025 and the FCA became concerned there was a real risk that its agents would not be aware of the HMRC suspension and may therefore inadvertently cause consumer harm by carrying out regulated activity when not permitted to do so.
The FCA’s Supervisory Notice says that the firm has not notified it of the HMRC suspension, but the FCA is aware that the suspension decision has been referred to the Upper Tribunal.