FCA Revokes Dania Money Transfer’s Registration as Small Payment Institution

 

The UK’s financial regulator, the Financial Conduct Authority (FCA), has officially cancelled the registration of Dania Money Transfer Ltd as a Small Payment Institution (SPI). The decision took effect on March 5, 2026, under the provisions of the Payment Services Regulations 2017 (PSRs).

According to the FCA, the action was taken after determining that the company no longer met the necessary regulatory conditions required to operate as a Small Payment Institution. These requirements are designed to ensure that payment service providers operate transparently, comply with anti-money laundering laws, and maintain proper oversight.

One of the key issues identified by the regulator was the firm’s failure to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). Under these rules, firms providing payment services must be registered in the appropriate anti-money laundering register maintained under the regulations.

The FCA found that Dania Money Transfer was no longer listed in the required register after its registration under the MLRs had been cancelled. The regulator also stated that the company failed to inform the authority about the cancellation of this registration, despite being required to do so under the Payment Services Regulations.

In addition, the firm reportedly did not notify the FCA when a subsequent attempt to regain registration was rejected. This lack of communication meant the company was operating without meeting the mandatory regulatory conditions associated with its SPI status.

The regulator also noted that Dania Money Transfer had not provided payment services within 12 months of receiving its registration. Furthermore, the company had been unable to legally provide such services since July 31, 2024, when its registration with HM Revenue and Customs (HMRC) was cancelled.

Another concern raised by the FCA involved the firm’s regulatory reporting. The company submitted its FSA057 regulatory return for the year ending 2023, reporting payment service activity even though it had previously informed the authority that it was not actively trading. When asked to provide supporting evidence for the reported activity, the company failed to do so.

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Additionally, despite repeated requests and warnings from the regulator, the firm did not submit its required annual regulatory return for the year ending 2024.

The FCA stated that the cancellation of the firm’s registration was necessary to support its core objectives of protecting consumers and maintaining the integrity of the UK’s financial system. The regulator continues to emphasize strict compliance with financial regulations to ensure that payment service providers operate responsibly and transparently within the market.

Tags: #FSA057 regulatory return #Financial Conduct Authority (FCA)

#Dania Money Transfer Ltd #Small Payment Institution