FINAL NOTICE

To:

IBBL Exchange UK Limited (formerly Jalalabad Money
Transfer & Travels Limited)

Address:

IBBL Exchange UK Limited


4 Duncan Road


Longsight


Manchester


M13 0GF


FRN:

505345

Dated:

18 July 2013

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the Payment Services Regulations 2009 (“the PSR”), the
Authority has decided to cancel the registration granted to IBBL Exchange UK
Limited (“IBBL”), as a small payment institution under the PSR (“IBBL’s
registration”).

2.
The Authority gave IBBL a Decision Notice on 5 June 2013 (“the Decision Notice”)
which notified IBBL that for the reasons given below and pursuant to Regulation
10(1)(h) of the Payment Services Regulations 2009 (“the PSR”), the Authority
had decided to cancel the registration granted to IBBL as a small payment
institution under the PSR.

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

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

DEFINITIONS

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

“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 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 given to IBBL on 1 May 2013 (“the Warning Notice”), and in the Decision
Notice, the Authority has concluded that IBBL has failed to pay fees and levies
owed to the Authority totalling £849.90, and has failed to respond adequately to
the Authority’s repeated requests that it pay. These failings lead the Authority to
conclude that IBBL 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 IBBL’s
registration as a small payment institution in order to protect the interests of
consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied by
Regulation 14).

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 IBBL 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.
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 IBBL 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, IBBL should contact Amar
Unadkat at the Authority (direct line: 0207 066 7182).

John Kirby
Enforcement and Financial Crime Division