Upper Tribunal Tax and Chancery Chamber

UT/2023/000092 - [2024] UKUT 00035 (TCC)

Fecha: 17-Ene-2024

The requirements sought to be suspended

The requirements sought to be suspended:

11.

The key requirements Nvayo seeks suspension of are requirements that:

(1)

Nvayo must not, without the Authority’s prior written consent, carry out any electronic money services until the Authority’s concerns in respect of Mr Scanlon, the current ultimate beneficial owner of Nvayo, have been adequately mitigated; Nvayo has remediated its systems and controls failings to the satisfaction of the Authority, taking into account any findings of the Skilled Person to be appointed; and Nvayo’s client files have been assessed as ‘adequate’ overall by the Skilled Person.

(2)

Nvayo must not transfer sums to its customers, except where the Skilled Person is satisfied that the client’s file is adequate from an AML standpoint.

(3)

Nvayo must not, without the Authority’s prior written consent, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, until broadly the same conditions as above have been met.

12.

Accordingly, it can be seen that the first requirement affects Nvayo’s ability to transact new business, the second requirement impacts its existing business, and the third concerns Nvayo’s use of its own assets for instance in relation to Nvayo’s dealings with shareholders and third parties (i.e. the third requirement does not cover the assets which are safeguarded separately for clients).