FINAL NOTICE

Address:

Unit 6 Daniah Plaza

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) of the PSR, the
Authority has decided to cancel the authorisation granted to AIM Money Transfer
Limited (“AIM”) as an authorised payment institution under the PSR (“AIM’s
authorisation”).

2.
The Authority gave AIM a Decision Notice on 8 August 2014 (“the Decision Notice”)
which notified it that for the reasons given below and pursuant to Regulation 10(1)(h)
of the PSR, the Authority had decided to cancel the authorisation granted to AIM as
an authorised payment institution under the PSR.

3.
AIM has not referred the matter to the Tribunal within 28 days of the date on which
the Decision Notice was given to AIM.

4.
Accordingly, the Authority has today cancelled AIM’s authorisation as an authorised
payment institution.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the Financial Conduct Authority;

“the PSR” means the Payment Services Regulations 2009;

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


REASONS FOR THE ACTION

6.
The facts and matters and conclusions described in the Warning Notice given to AIM
dated 15 July 2014, and in the Decision Notice, set out that AIM has failed to pay
fees and levies totalling £991.14 owed to the Authority, £741.14 of which was due for
payment by 8 December 2013 and £250 of which was due for payment by 10 April
2014, and to respond adequately to the Authority’s repeated requests that it pays the
fees and levies. These failings lead the Authority to conclude that AIM has failed to
demonstrate a readiness and willingness to comply with its ongoing regulatory
obligations and to deal with the Authority in an open and co-operative way. Therefore
it is desirable to cancel AIM’s authorisation as an authorised payment institution in
order to protect the interests of consumers, in accordance with Regulation 10(1)(h)
of the PSR.

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to AIM in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of Part
1 of Schedule 5 of the PSR) 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 publication would, in the opinion of the Authority, be unfair to AIM or
prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

11.
For more information concerning this matter generally, please contact Rashmeet
Panesar at the Authority (direct line: 0207 066 3750).

John Kirby
Enforcement and Financial Crime Division