The FCA has issued a Final Notice objecting to the proposed acquisition of Olampicaran Limited (Olampicaran) by Mr Ahmed. Mr Ahmed failed to notify and seek approval from the FCA, causing harm to the integrity of the UK payment services market.
Mr Ahmed sought to acquire 100% control of Olampicaran, which was a small payments firm that provided money remittance services.
The FCA objected because Mr Ahmed demonstrated a serious lack of professional competence and consequently failed to comply with the requirements set out in legislation.
Mr Ahmed had previously acquired a regulated firm and ended his tenure without seeking approval from or notifying the FCA. Both acts are criminal offences under Financial Services and Markets Act. He also failed to disclose this when he notified the FCA about his planned acquisition of Olampicaran.
By failing to notify the FCA, Mr Ahmed caused harm to the integrity of the payment services market due to the potential increased risk of illicit money being used within the UK financial system.
Olampicaran was also not registered with HMRC, the anti-money laundering supervisor, as required. Mr Ahmed failed to respond to the FCA’s requests for further information regarding this and other matters.
Olampicaran cancelled its permissions following issuance of the Decision Notice. It is no longer a regulated firm.
Notes to editors
- Read the Final Notice[1].
- A person who fails to notify the FCA prior to the acquisition or increase in control of a UK authorised firm is guilty of an offence under section 191F(1) of FSMA. Failure to notify the FCA of the disposal of control of a UK authorised firm is an offence under section 191D(1) of FSMA.