The UK Financial Conduct Authority (FCA) has today confirmed that it has placed restrictions on Motmaen Limited.
The regulator has removed Motmaen’s ability to provide money transfer payment services.
Motmaen is a small payment institution registered to provide remittance (i.e. money transfer) services. The FCA has removed the company’s ability to provide these payment services.
Motmaen must pay all its obligations to its customers. This means that Motmaen must return the money it received from customers for transactions it did not complete.
Motmaen has the right to appeal the regulatory decision to the High Court.