UK's FCA bars Bazar Money Transfer Limited from offering regulated payment services
Payment compliance teams must block transfers involving BMTL
Change
UK's FCA on 21 November 2025 barred Bazar Money Transfer Limited from carrying out regulated money remittance services for retail and corporate customers, and on 6 March 2026 issued a Second Supervisory Notice maintaining those restrictions and prohibiting BMTL from providing cryptoasset services.
Why it matters
Counterparties that used BMTL for settlement must immediately revalidate customer onboarding and cannot rely on BMTL to satisfy UK anti-money laundering and counter-terrorist financing (AML/CTF) checks. Firms that continue routing regulated payments through an unregistered provider face payment rejection and FCA supervisory enforcement.
Implications
- — Authorised payment firms' compliance and operations teams — must immediately block, reject, or reroute any regulated payments to or from Bazar Money Transfer Limited — continuing to process such transfers risks breaching FCA registration conditions and triggers supervisory enforcement.
- — Corporate treasuries and payroll teams that used BMTL for remittances — must immediately secure alternative authorised payment providers for pending transfers — otherwise payrolls or supplier payments may fail or be delayed and funds may not be delivered.
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