The UK Financial Conduct Authority (FCA) today confirmed that it placed restrictions on Motmaen Limited.

The regulator has removed Motmaen’s ability to provide money transfer payment services.

Motmaen is a small payment institution that is registered to provide money remittance (ie money transfer) services. FCA removed the firm’s ability to provide these payment services.

Motmaen must pay all its liabilities to its customers. This means that Motmaen must return any money it received from customers for transactions it did not complete.

Motmaen has the right to refer the regulatory decision to the Upper Tribunal.