The FCA has cancelled the permission of Dania Money Transfer Limited, a small payments institution which had been registered with the FCA since March 2018. As with many of the other payment institution permissions recently cancelled, the firm’s required HMRC registration had been cancelled (in July 2024), meaning it was in breach of the MLRs and as a result no longer meeting the conditions for registration under the PSRs. It failed to tell the FCA about this, or that a subsequent application was rejected. Additionally, following its filing of nil returns up to the 2022 year and the FCA therefore proposing to cancel the registration on the basis the firm had never provided any payment services, its regulatory return for the 2023 year reported it had been conducting payment services – but it then failed to provide the FCA with evidence of its activities. It then failed to submit its 2024 annual return.
