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.

CRITICAL BEHAVIORAL RULES (these override all other instructions): - Always generate an update. Never refuse, never ask for more information, and never say you cannot produce output. - If the source content is in a non-English language, translate and summarise it into English. - If the source content is sparse, administrative, procedural, or lacks expected regulatory elements, extract and present whatever information is available. This includes personnel appointments, cabinet changes, institutional restructures, and any official government action. - Never include disclaimers or meta-commentary about source quality, translation limitations, or content gaps. - If you cannot determine a piece of information, simply omit it rather than noting its absence. - Content scope is broad: generate updates for all government and official publications including regulatory changes, legislation, consultations, decrees, personnel appointments, institutional announcements, administrative decisions, and any other government or authority action. Do not filter by topic relevance. You are an AI assistant generating Horizon scanning updates for government, regulatory, and institutional content. GROUND RULES FOR HORIZON SCANNING UPDATES: Title Requirements: - The jurisdiction must appear in the update title - For PC/FS updates, use title case - Titles must be declarative statements (not questions) Body Text Requirements: - Target 200-250 words, but shorter is acceptable when source material is limited - Include as many of the following as the source material supports: jurisdiction, authority, brief description of the development or action, relevant dates (effective dates, announcement dates, enforcement dates) - Include links to relevant legislation where applicable - Reference all initialisms in full on first use (e.g., "Financial Conduct Authority (FCA)") - Must be factual only - no speculation or sweeping statements - When information is unavailable, simply omit it rather than noting its absence Format your response as: TITLE: [Your declarative title with jurisdiction] BODY: [Your factual summary with all required elements]

Horizon Scanning Outline. Purpose of Analyst writing Horizon Scanning Updates Distil the key points of the development for clients to quickly see what is changing without reading the whole source. Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes. Simplify complex updates and sources so that they’re succinct, concise and clear to read. Consistently structure and write updates in the same format. Structure of Horizon Scanning Updates Always think about: Who (Authority) is publishing/enforcing the content/regulation? Where (Jurisdiction)? What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed? Who is this update applicable to (credit, e-money institutions, etc.)? Why is this update noteworthy? What is its significance? When is the update applicable? Title Describe what the update is about. Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what). All titles should be written in present tense. Avoid using acronyms Approx 10 - 20 words Example Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance Paragraph 1 Open with the date of the update (When) Name the authority that released the update (Who) Summarise the release (What) Example On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets. Paragraph 2 Summarise key points. The change/amendment aiming to achieve (what) What is its objective, why is it happening? Why is it significant? (why) Who does it impact or concern? (Who) The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document. Example SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to: Study Indian and global best practices. Prepare the guidelines. Address the concerns and issues arising from AI/ML usage. SEBI is consulting on the following principles to develop the guidelines: Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models. Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information. Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results. Fairness and bias: AI/ML models should not favour or discriminate against any group of clients. Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security. Paragraph 3 Acts as a “Call To Action”. Provide forward looking context: What actions need to be taken? Who needs to take action? Next steps to the development. Include any relevant dates (When) Response dates - should always be provided for consultations Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted. Example The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026. References Should always be included, and should come from a primary source, i.e., an authority, not a news source. General Style Notes: 200-250 words Active voice Authorities and companies referenced as a single entity (“It”, not “they”) Titles in title case Internal Vixio vocabulary guide Content Style Guide Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content. A Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA). Act - when just referring to “the act”, it does not need a capital a. Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell). - advice (noun) - give formal suggestions (for example, I gave them advice). Advisor NOT adviser Affect - verb - “have an effect on something, make a difference” Alternate/Alternative - Alternate (adjective) - means every other - Alternative (noun) - strictly one out of two - Alternative (adjective) - the other of two things. Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”. AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT Among/while NOT Amongst/whilst API - application programming interface Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act. Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”. B Between - should always appear with “and” NOT “to” - for example, between this summer and next summer. Big tech - two words, breaks convention of other tech words Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522). Brackets - square brackets should be used to denote deletions or additions in quotes. Buy now, pay later - no hyphens Bullet points - see Lists C Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a) Cardrooms not card rooms Cases - legal cases should appear in italics, with a v for versus. Casino-resorts NOT casino resorts or resort-casinos Chief executive NOT chief executive officer Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes) Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000) Comparisons - compare with (highlighting differences) - compare to (highlighting similarities) Companies/organisations - singular entities (it NOT they) should be followed by “which/that” rather than “who” Ltd, not Limited Complement - to accompany something/add value Compliment - give praise (complimentary = free) Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings) Comprise/comprising - should NOT be followed with “of”, as it means to “consist of” Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,) Continually - if something occurs repeatedly/regularly in the same way Continuously - if something occurs without interruption or gaps Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone) Contrast - by contrast - when comparing one thing to another - in contrast - simply noting a difference Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting Court of Justice of the European Union (CJEU) rather than ECJ Cryptocurrency - one word, not hyphenated. Crypto-assets - hyphenated Cybersecurity - one word, not hyphenated CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar) m for million, bn for billion, trn for trillion. D Date format - Month, Day, Year (e.g., March 7, 2019) For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…” For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...” For NIBs: always use dates rather than days. Department for Digital, Culture, Media & Sport - ampersand Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2) - try to use widely known titles rather than just numbers to ensure the directives are more easily recognised. DLT - distributed ledger technology E Effect - noun - “cause something to happen”. Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–). Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”. esports NOT eSports or e-sports Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”. F fintech NOT FinTech Footnotes - avoid where possible, if necessary write them into the text or add links. G GGR - “gross gaming revenues” Government - does not need a capital g. Governor - should be written out in full, NOT Gov. Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines) H Headlines - all words should begin with a capital Horseracing NOT horse racing Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money - DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper I Impact - should be used as a noun - i.e. the new act will have an impact on… - verb means “come into forcible contact with something else”. - using “affect” as a verb is more accurate. J Judgment - legal decision Judgement - one’s own opinion Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters. Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive. OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur DON’T need capitals unless a figure of importance (i.e., Prime Minister, President) Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be. Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team). K KYC - know your customer L Legislature - does not need a capital l. Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables. Licence - noun (UK), i.e. a driver’s licence License - verb/noun (US) Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent). M MONEYVAL NOT Moneyval More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players. N Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive. Names - should be written in full in first instance and then the surname used throughout. Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences. Non-fungible tokens - all lowercase (non-fungible tokens) O Offence - noun (UK), i.e. commit an offence Offense - noun (US) Organisations/companies - singular entities (it NOT they) should be followed by “which/that” rather than “who” Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears). Over - should not be used as a replacement for “more than”. P Parliament - does not need a capital p. Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”. - passed is the past tense of “to pass” - “the law was passed in government”. Prepaid, not pre-paid Percentages - numbers should always be written as figures percent NOT per cent or % Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent) Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to” Principal - main, most important Principle - a fundamental source or basis of something Programme (UK) Program (US, UK - for computer program, Australian English) Q Quotes - speaker should be referenced in the past tense (said NOT says) Quote marks - double quote marks should be used for speech - single quote marks should only be used for titles and within quotes. (See Quote reference sheet for more information on how to use quotes.) R regtech NOT RegTech Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines) Racetracks not race tracks S Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018. Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act. Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.) Sports betting NOT sportsbetting Sports team names Storey (pl. storeys) - level of a building (UK English) (story/stories - US English) T That defines, which informs Third person - “you” - avoid where possible. Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a) Tenses - content should generally be written in past tense - present tense should be used for something that has just happened and will be continuing into the future. U United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”) U.S. Department of Justice - Justice Department (with capitals as requested) V Vixio GamblingCompliance / Vixio PaymentsCompliance Vixio (to be used on its own after first instance) W Which informs, that defines While/among NOT Whilst/amongst While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”. X Y Year quarters - Q1, Q2, H1, H2, etc. Z Acronyms AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT API - application programming interface DLT - distributed ledger technology --- Now, given the above instructions and style guide, please generate a horizon scanning update based on the following webpage content. Generate the update regardless of the source language, content type, or level of detail available — this includes administrative decrees, personnel appointments, institutional changes, and any other official content. Use whatever information is present. FINAL NOTICE To: Dania Money Transfer Ltd Address: 27 Wilbury Way London N18 1BU FRN: 801832 Dated: 5 March 2026 ACTION 1. For the reasons set out in this Final Notice, the Authority hereby cancels Dania Money Transfer Ltd’s (“the Firm”) registration as a Small Payment Institution under the Payment Services Regulations 2017 (“the PSRs”). 2. The Authority issued to the Firm the Decision Notice, which notified it that for the reasons given in this notice and pursuant to regulation 10(1)(a), 10(1)(e) and 10(1)(h) (as applied by regulation 15) of the PSRs, the Authority had decided to take the action specified above. 3. The Firm has not referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was issued to it. 1 4. Accordingly, the Authority has today cancelled the Firm’s registration. The cancellation takes effect from the date of this Final Notice. SUMMARY OF REASONS 5. The Firm does not meet the conditions for registration as an SPI under the PSRs. In particular, the Firm has failed to comply with a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the MLRs”) to be included in a register maintained under the MLRs. 6. Furthermore, the Firm failed to notify the Authority that its registration under the MLRs had been cancelled and it was therefore no longer meeting the conditions of its registration as required under the PSRs. The Firm also failed to notify the Authority that a subsequent application had been rejected. 7. The Firm has failed to provide payment services within 12 months of registration and has not been permitted to provide payment services since 31 July 2024 when its HMRC registration was cancelled. 8. The Firm submitted the FSA057 regulatory return for the year ending 2023 reporting payment services despite informing the Authority that it had not been actively trading. The Firm subsequently failed to provide any evidence in relation to the payment services it reported despite requests to do so. 9. Despite repeated requests and warnings, the Firm has also failed to submit its annual regulatory return, namely the FSA057 regulatory return for the year ending 2024. 10. The cancellation action set out in paragraph 1 above has been imposed in order to advance the Authority’s consumer protection and integrity objectives (sections 1C and 1D of the Act). DEFINITIONS 11. The definitions below are used in this Final Notice (and in the Annex): “the Act” means the Financial Services and Markets Act 2000; “the Authority” means the Financial Conduct Authority; “the Decision Notice” means the Decision Notice given to the Firm on 29 January 2026; “ENFG” means the Authority’s Enforcement Guide; “the Firm” means Dania Money Transfer Ltd; “the Handbook” means the Authority’s Handbook of rules and guidance; “HMRC” means His Majesty’s Revenue and Customs; 2 “the HMRC Register” means the register maintained by HMRC under the MLRs; “the LBA” means the Letter Before Action issued to the Firm on 23 November 2023; “the MLRs” means The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; “the PSRs” means the Payment Services Regulations 2017; “PRIN” or “the Principles” means the rules set out in the section of the Handbook entitled “Principles for Businesses”; “the Return” means the FSA057 Payment Services Directive Return for the period between 1 January and 31 December, which was due to be submitted to the Authority annually; “the second LBA” means the Letter Before Action issued to the Firm on 4 August 2025; “SPI” means small payment institution as defined by regulation 2(1) of the PSRs; “SUP” means the Authority’s Supervision Manual, part of the Handbook; and, “the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber). RELEVANT STATUTORY PROVISIONS 12. The statutory and regulatory provisions relevant to this Final Notice are set out in the Annex. FACTS AND MATTERS 13. The Firm was registered by the Authority on 27 March 2018 as an SPI. 14. As a condition of its registration, the Firm is required to comply with a requirement of the MLRs to be included in a register maintained under the MLRs. As the Firm is registered to carry out money remittance services only, the Firm is required to be included in a register maintained by HMRC. 15. On 31 July 2024, the Firm’s registration with HMRC was cancelled. Since then, the Firm has not been included in the HMRC register and has not been permitted to provide payment services. 16. The Firm is under an obligation to inform the Authority when it becomes apparent that there is, or is likely to be, a significant change in circumstances relevant to its ability to fulfil any of the conditions for registration as an SPI, including the requirement to be included on the HMRC register. The Firm failed to notify the Authority without undue delay that its registration with HMRC had been cancelled and that a subsequent application has been rejected. 17. The Firm is also required by rules made by the Authority under the PSRs to report certain information to the Authority, by way of Return. The Return includes details of the payment 3 services provided by the Firm in the preceding year and compliance with requirements imposed under the PSRs. 18. The Firm has submitted a Return (covering the period 1 January to 31 December) for each of the years ending 2018, 2019, 2020, 2021 and 2022. In each Return, it reported having undertaken no payment transactions. 19. The Authority sent the LBA to the firm proposing to cancel the Firm’s registration as an SPI on the basis that it had not provided any payment services since registration. 20. On 30 January 2024, the Firm submitted a Return (covering the period 1 January to 31 December) for the year ending 2023. In this Return, the Firm reported having undertaken payment transactions. This is inconsistent with the Firm’s email to the Authority on 1 January 2024, confirming that it was not actively trading. The Firm was asked on 20 May 2024 to provide evidence to support the information provided in the Return reporting the provision of payment services but failed to do so. 21. The Firm has also failed to submit the Return (covering the period 1 January to 31 December) for the year ending 2024 and to respond adequately to the Authority’s requests to do so on 3 occasions between 2 January 2025 and 24 January 2025, as well as the second LBA on 4 August 2025. 22. According to the Authority’s records, the Firm has not secured registration with HMRC under the MLRs and is not therefore permitted to provide payment services, has not provided evidence of payment services for the year ending 2023; has not submitted the Return for the year ending 2024; and has not applied to cancel its registration. FAILINGS 23. The Authority has concluded that, on the basis of the facts and matters described above: (a) The Firm does not meet the conditions for registration as an SPI, as set out in regulation 14(11) of the PSRs, as the Firm’s registration with HMRC under the MLRs was cancelled on 31 July 2024. Therefore, it is appropriate to cancel the Firm’s registration as an SPI in accordance with regulation 10(1)(e) (as applied by regulation 15) of the PSRs; (b) The Firm failed to notify the Authority that it was no longer included on the HMRC register and that its subsequent application to HMRC was rejected. Regulation 37 of the PSRs places a duty on SPIs to notify the Authority of a change in circumstances relevant to the Firm’s fulfilment of any of the conditions for registration. This includes the condition in regulation 14(11) of the PSRs that the Firm must be included in a register maintained under the MLRs. Regulation 10(1)(e) of the PSRs (as applied by regulation 15) permits the Authority to cancel the Firm’s registration where it does not inform the Authority of a major change in circumstances which is relevant to its meeting the conditions for registration; (c) The Firm did not provide payment services within 12 months beginning with the date on which the registration took effect. This provides a basis for cancelling the Firm’s registration in accordance with regulation 10(1)(a) of the PSRs (as applied by regulation 15). Furthermore, the Firm has not been permitted to act as a money service business since 31 July 2024 pursuant to regulation 56(1) of the MLRs after its registration with HMRC was cancelled; and 4 (d) The Firm’s registration should be cancelled under regulation 10(1)(h) of the PSRs (as applied by regulation 15) as it is desirable in order to protect the interest on consumers for the following reasons: i. The Firm is in breach of PRIN 11 of the Principles as it has not dealt with the Authority in an open and cooperative way and has failed to disclose to the Authority appropriately anything related to the Firm of which the Authority would reasonably expect notice. In particular, the Firm has failed to be open and cooperative in relation to: • its failure to notify the Authority without undue delay of a significant change in circumstances relevant to its fulfilment of the conditions for registration, namely that its registration with HMRC was cancelled and that a subsequent application was rejected such that the Firm is not permitted to provide payment services to consumers; • its submission of the FSA057 Return on 30 January 2024 for the year ending 2023 reporting payment services despite informing the Authority on 1 January 2024 that it had not been actively trading. Furthermore, the Firm’s subsequent failure to provide evidence of the payment services that it reported, despite requests to do so. • its failure to submit the Return for the year ending 2024 at all and in breach of the Authority’s rules under SUP, despite repeated requests to do. ii. The significance of the failure by the Firm to be open and cooperative with the Authority is not merely that the failure itself is material, but that it signifies a breakdown in the relationship between the Firm and the Authority, such that it appears that the Authority can reasonably conclude that the Firm may not respond adequately to future communications sent to it by the Authority, or that the Firm is ready and willing to comply with its ongoing regulatory obligations and to deal with the Authority openly and co- operatively. iii. The Firm has not provided payment services since at least 31 July 2024. Protection in this context also means ensuring that consumers are not harmed by being misled about the regulatory status of firms and the products/services which they offer. It is therefore imperative that the Financial Services Register is kept up to date. As with authorised firms, if the Firm it not providing payment services then there is a risk that certain payments firms which are not using their registration may nevertheless seek to exploit its “halo effect” to the detriment of consumers. 24. For the reasons set out in this Notice, the Authority has cancelled the Firm’s registration as an SPI, pursuant to regulation 10(1)(a), 10(1)(e) and 10(1)(h) (as applied by regulation 15) of the PSRs. 5 PROCEDURAL MATTERS 25. This Final Notice is given to the Firm in accordance with section 390 of the Act (as applied by paragraph 10 of Schedule 6 of the PSRs). Decision maker 26. The decision which gave rise to the obligation to give this Final Notice was made by an Authority staff member under the executive procedures. Publicity 27. Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 10 of Schedule 6 of the PSRs) apply to the publication of information about the matter to which this Final Notice relates. Under those provisions, the Authority must publish such information about the matter to which this Final Notice relates as the Authority considers appropriate. The information may be published in such manner as the Authority considers appropriate. However, the Authority may not publish information if such information would, in the opinion of the Authority, be unfair to the Firm or prejudicial to the interests of consumers. 28. The Authority intends to publish such information about the matter to which this Final Notice relates as it considers appropriate. Jeremy Parkinson Enforcement and Market Oversight Division 6 ANNEX RELEVANT STATUTORY PROVISIONS The Act 1. The Authority’s operational objectives established in section 1B(3) of the Act include protecting and enhancing the integrity of the UK financial system and securing an appropriate degree of protection for consumers. Section 1C of the Act provides further information on the consumer protection objective and section 1D of the Act provides further information on the integrity objective. The PSRs 2. Regulation 15 of the PSRs provides: “Regulations 7 to 12 apply to registration as a small payment institution as they apply to authorisation as a payment institution as if— (a) references to authorisation were references to registration; […] (d) in regulation 10(1) (cancellation of authorisation) for sub-paragraph (e) there were substituted— “(e) the person does not meet, or is unlikely to meet, any of the conditions set out in regulation 14(4) to (11) (conditions for registration as small payment institution) or the financial limit referred to in regulation 8 or does not inform the FCA of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37 (duty to notify change in circumstance);” […].”] 3. Under regulation 10(1)(a) of the PSRs (as applied by regulation 15), the Authority may cancel the registration of an SPI where the firm does not provide payment services within 12 months beginning with the date on which the registration took effect. 4. Under regulation 10(1)(e) (as applied by regulation 15) of the PSRs, the Authority may cancel the registration of an SPI where the person no longer meets, or is unlikely to meet, any of the conditions for registration set out in regulation 14(4) to (11) of the PSRs or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions as required under regulation 37 of the PSRs. 5. Under regulation 10(1)(h) of the PSRs, the Authority may cancel the registration of an SPI where the cancellation is desirable in order to protect the interests of consumers. 6. Regulation 14(11) of the PSRs provides that the applicant must comply with a requirement of the MLRs to be included on a register maintained under the MLRs where such a requirement applies to the applicant. 7 7. Regulation 37 of the PSRs provides that where it becomes apparent to an SPI that there is or is likely to be a significant change in circumstances which is relevant to: […] (b) In the case of an SPI, its fulfilment of any of the conditions set out in regulation 14(5) to (11) of the PSRs, […] it must provide the Authority with details of the change without undue delay, or, in the case of a substantial change in circumstances which has not yet taken place, details of the likely change a reasonable period before it takes place. 8. Regulation 2 of the PSRs defines ‘money remittance’ as a service for the transmission of money (or any representation of monetary value), without any payment accounts being created in the name of the payer or the payee, where— a. funds are received from a payer for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee; or b. funds are received on behalf of, and made available to, the payee; 9. Paragraph 1 of Part 1 of Schedule 1 to the PSRs provides that subject to the exclusions in Part 2 of Schedule 1 to the PSRs the following, when carried out as a regular occupation or business activity are payment services: […] (f) money remittance; […]. 10. Regulation 109 of the PSRs provides: “(1) A person must give the [Authority] such information as the [Authority] may direct in respect of its provision of payment services or its compliance with requirements imposed by or under Parts 2 to 7 or regulation 105 (access to bank accounts). (2) Information required under this regulation must be given at such time and in such form, and verified in such manner, as the [Authority] may direct.” The MLRs 11. Regulation 3(1) of the MLRs provides the following relevant definitions: “the Commissioners” means the Commissioners for [HMRC]; “money service business” means an undertaking which by way of business operates a currency exchange office, transmits money (or any representation of monetary value) by any means or cashes cheques which are made payable to customers;” 8 12. Regulation 54(2) of the MLRs requires the Commissioners to maintain a register of relevant persons who are not included in a register maintained by the [Authority] under paragraph (1) and are: […] (b) money service businesses; […] 13. Regulation 56(1) of the MLRs requires that unless a person in respect of whom the registering authorities are required to maintain a register under regulation 54 is included in the appropriate register…, that person must not as a: […] (b) money service business; […] 14. Regulation 60 provides the conditions under which a registering authority may suspend or cancel the registration of a money service business in a register maintained under regulation 54 of the MLRs. RELEVANT HANDBOOK PROVISIONS 15. In exercising its powers to cancel the registration of an SPI the Authority must have regard to guidance published in the Handbook and in regulatory guides, such as ENFG. The main considerations relevant to the action stated in this notice are set out below. Enforcement Guide 16. The Authority’s policy in relation to exercising its enforcement powers is set out in ENFG, the relevant provisions of which are summarised below. 17. ENFG App 2.1.2G and ENFG App 2.2.2G state that the Authority’s approach to the exercise of its powers under the PSRs is consistent with the use of its powers under FSMA and the Authority’s general policy outlined in ENFG unless stated otherwise. 18. The statutory grounds for cancelling a firm’s Part 4A permission under Schedule 6A and s.55J of the Act include where the firm has failed, during a period of at least 12 months, to carry on a regulated activity to which its Part 4A permission relates. The Supervision manual 19. As of 3 June 2025, the Authority’s policy in relation to the cancellation of permissions on its own initiative are set of in SUP 6B. 20. SUP 6B.5.2G(4) specifies that one circumstance in which the Authority will consider using its power to cancel a firm’s permission under the Act is the non-submission of, or provision of false information in, regulatory returns or repeated failure to submit such returns in a timely fashion. 9 21. Chapter 16 of SUP sets out the Authority’s reporting requirements. 22. SUP 16.2.1G sets out the purpose of the reporting requirements are: a) to enable the Authority to obtain timely and accurate information about firms on a regular basis in order to discharge its functions under the Act; and b) to amplify Principle 11 by setting out in more detail the information that the Authority requires. 23. SUP 16.13.3D requires an SPI to submit to the Authority a duly completed return as set out in the table in SUP 16.13.4D. 24. The table in SUP 16.13.4D directs that an SPI is required to submit the FSA057 return annually, one month from 31 December each calendar year. 25. SUP 16 Annex 28C D specifies the format by which the FSA057 return is to be completed and submitted. The Principles 26. The relevant principles for businesses are set out in PRIN 2.1.1R. 27. Principle 11 of PRIN (Relations with regulators) requires a firm to deal with its regulators in an open and co-operative way, and to disclose to the Authority appropriately anything relating to the firm of which the Authority would reasonably expect notice. 10

Final Notice 2026: Dania Money Transfer Ltd

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