The FCA cancelled a Small Payment Institution's registration for breaching Payment Services Regulations, including failure to maintain HMRC anti-money laundering registration and failure to notify the regulator of material changes.
The enforcement action involved the firm's failure to maintain compliance with anti-money laundering registration requirements under the MLRs, which is a secondary compliance dimension of the enforcement action.
Specialism
The FCA explicitly cancelled Dania Money Transfer Ltd's Small Payment Institution registration under the PSRs, which is a permanent withdrawal of authorisation.
The cancellation was triggered by the firm's failure to maintain HMRC Money Laundering Regulations registration and failure to notify the FCA of this change, indicating AML/CTF compliance failures.
2026-03-05 14:29:51·csoo@vixio.com
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TITLE: United Kingdom's Financial Conduct Authority Cancels Dania Money Transfer Ltd's Small Payment Institution Registration
BODY:
On 5 March 2026, the Financial Conduct Authority (FCA) cancelled Dania Money Transfer Ltd's registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs). The firm, registered on 27 March 2018, failed to meet multiple conditions required for continued registration.
The FCA identified several key failings. Dania Money Transfer Ltd's registration with His Majesty's Revenue and Customs (HMRC) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) was cancelled on 31 July 2024, meaning the firm no longer met the mandatory requirement to be included on the HMRC register. The firm failed to notify the FCA of this significant change in circumstances without undue delay, as required under regulation 37 of the PSRs. Additionally, a subsequent application to HMRC was rejected, which the firm also failed to disclose.
The firm did not provide payment services within 12 months of registration and has been prohibited from providing payment services since 31 July 2024. The firm submitted a regulatory return for the year ending 2023 reporting payment services despite informing the FCA on 1 January 2024 that it was not actively trading. When requested to provide evidence supporting this claim, the firm failed to do so. The firm also failed to submit its annual regulatory return for the year ending 2024 despite repeated requests and warnings from the FCA.
The FCA concluded the cancellation was necessary to advance consumer protection and integrity objectives, citing the firm's breach of Principle 11 (Relations with Regulators) and the risk of consumers being misled about the firm's regulatory status. The cancellation takes effect from the date of the Final Notice. The firm did not refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days of the Decision Notice issued on 29 January 2026.