FINAL NOTICE

Address:

92 Upton Lane



Forest Gate



London



E7 9LW

FRN:

554223


ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Khan Enterprise Money Transfers Ltd (“KEMT”).

2.
The Authority gave KEMT a Decision Notice on 8 August 2014 (“the Decision
Notice”) which notified it that for reasons given below and pursuant to Regulation
10(1)(j) of the PSR, the Authority had decided to cancel the registration granted
to KEMT.

3.
KEMT 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 KEMT’s registration.

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


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“the Information” means the information specified in paragraphs 1, 7, 8 and 9 of
Schedule 2 of the PSR, and which was required to be provided by KEMT to the
Authority under Regulation 125A(2) of the PSR;

“KEMT’s registration” means the registration granted by the Authority to KEMT as
a SPI under the PSR;

“the PSR” means the Payment Services Regulations 2009;

“SPI” means Small Payment Institution; and


“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 KEMT dated 18 July 2014, and in the Decision Notice, the
Authority has concluded that KEMT, a SPI registered by the Authority to conduct
payment services business under the PSR, has failed to submit material
information to the Authority, despite repeated requests by the Authority that it
does so. The Information which has not been submitted is material because it
was specifically required to be provided by KEMT under Regulation 125A(2) of the
PSR to enable the Authority to assess whether KEMT met the ‘fit and proper’
requirements applicable to it (following amendments to the PSR on 1 October
2012).

7.
As KEMT has failed to comply with Regulation 125A(2), the Authority has
cancelled its registration as a SPI, in accordance with Regulation 10(1)(j) of the
PSR (as applied by Regulation 14).

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to KEMT in accordance with section 390(1) of the Act
(as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

10.
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 KEMT or prejudicial to the interest of consumers.

11.
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

12.
For more information concerning this matter generally, KEMT should contact
Donovan Thorpe-Davis at the Authority (direct line: 020 7066 8678).

John Kirby
Enforcement and Financial Crime Division