Bazar Money Transfer Limited

Limits on what they may do

• Restriction on payment services

  The Firm must not register, onboard or provide regulated payment services (either directly or through outsourced partners) to any new customers without the prior written consent of the Authority. The Firm must not provide any regulated payment services (either directly or through outsourced partners) to any existing customers, without the prior written consent of the Authority.

• Payment of liabilities

  By 12pm on 28 November 2025, the Firm must pay all liabilities owed to any existing customers. Unless instructed otherwise by the customer, the Firm must make payment to the same payment account the customer (or a third party on the customer’s behalf) used to transfer the funds to the Firm.

• Notification requirements

  The Firm must by 12pm on 26 November 2025, notify in writing all customers, banking partners, payment service providers or any other relevant person of the imposition and effect of the Requirements in a form to be agreed in advance with the Authority. By 12pm on 26 November 2025, the Firm must: a. Ensure that a prominent notice is displayed on the front page of its website, and any website that it controls, or mobile app, in terms, font and size to be agreed with the Authority, outlining the effect of the Requirements and providing a link to the relevant website and entry in the Financial Services Register relating to the Firm where the terms of those Requirements will appear. b. Ensure that, when any client of the Firm enters login details to access an account, a prominent notice is immediately displayed to the client, in terms, font and size to be agreed with the Authority, outlining the effect of the Requirements and providing a link to the relevant website address of the entry in the Financial Services Register relating to the Firm, where the terms of these Requirements will appear. Within 24 hours of the notifications at Requirements 4 and 5 being made, the Firm must provide the Authority with: a. copies of the template notification sent to all recipients; and b. confirmation that, to the best of its knowledge, the Firm has sent notifications pursuant to the Requirements 4 and 5. c. A statement to evidence the payment of liabilities to its customers pursuant Requirement 3. The Firm shall send to the Authority via email by 12 noon every Friday, beginning on 28 November 2025 until such time as it is notified otherwise in writing by the Authority up-to-date bank statements for all the Firm’s bank, payments or electronic money accounts.

• Secure records

  The Firm must secure and preserve all records and/or information (physical or electronic) relating to payment services in their original form, or in a copy provide to be identical to the source material. These must be retained in a form and at a location within the United Kingdom, to be notified to the Authority in writing by no later than seven days after these Requirements come into force, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.

• Direction

  The Firm must not carry on any cryptoasset business for which it would require registration with the Authority under regulation 56(1)(f) of the MLR. By 12pm on 28 November 2025 the Firm must provide written confirmation to the Authority that it is in compliance with the Requirements and the Direction.