FINAL NOTICE

Address:
First Floor
42 New Oxford Street
London
WC1A 1EP

ACTION

1.
For the reasons set out below and pursuant to Regulation 10(1)(e) (as applied by
Regulation 14) of the Payment Services Regulations 2009 (“the PSR”), the
Authority has decided to cancel the registration granted to ASE Global Transfers
Limited (“ASE”), as a Small Payment Institution (“SPI”) under the PSR (“ASE’s
registration”).

2.
The Authority gave ASE a Decision Notice on 8 January 2014 (“the Decision
Notice”), which notified ASE that for the reasons given below and pursuant to
Regulation 10(1)(e) of the PSR, the Authority had decided to cancel the
registration granted to ASE as an SPI under the PSR.

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

4.
Accordingly, the Authority has today cancelled ASE’s registration as a small
payment institution.

DEFINITIONS

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

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

“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

“the MLR” means the Money Laundering Regulations 2007;

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


REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to ASE dated 11 December 2013, and in the Decision Notice, the
Authority has concluded that ASE is no longer meeting the conditions for
registration as an SPI.

7.
ASE was registered by the Authority on 1 November 2009 as an SPI to carry on
the payment services activity of money remittance. As a condition of its
registration as an SPI, ASE was required to be included in a register maintained
under the MLR pursuant to Regulation 13(6) of the PSR. On or about 31 August
2012, Her Majesty’s Revenue & Customs removed ASE from the register
maintained under the MLR.

8.
The Authority has therefore concluded that ASE is no longer meeting the
conditions for registration as an SPI under the PSR, specifically the condition in
Regulation 13(6), and that its registration as an SPI in accordance with
Regulation 10(1)(e) of the PSR (as applied by Regulation 14), should be
cancelled.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to ASE in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

11.
Section 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 ASE or prejudicial to the interests of consumers.

12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

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Authority contact

13.
For more information concerning this matter generally, please contact Roger
Hylton at the Authority (direct line: 0207 066 8168).

John Kirby
Enforcement and Financial Crime Division