FCA keeps Bazar Money Transfer payment-services restrictions in place
Bazar Money Transfer cannot provide regulated payment services while FCA restrictions remain in force
FCA
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Change
The FCA kept restrictions in place preventing Bazar Money Transfer Limited from providing regulated payment services after finding the firm no longer met the conditions for small payment institution registration.
Why it matters
The restrictions remove Bazar Money Transfer Limited's ability to process regulated remittance activity while the FCA restrictions remain in force. Customers needing money-transfer services must use another authorised or registered payment services firm, and the firm must not provide cryptoasset services because it is not registered for cryptoasset business.
Implications
- — Bazar Money Transfer Limited must stop carrying out regulated payment services while the FCA restrictions remain in force.
- — Retail and corporate customers needing to send or receive money must use an alternative authorised or registered payment services firm.
- — Payments onboarding and counterparty teams must block Bazar Money Transfer Limited from regulated payment-service flows while the FCA restriction remains on the Financial Services Register.
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