The FCA has issued a Final Notice objecting to the proposed acquisition of Olampicaran Limited (Olampicaran) by Mr. Ahmed. His failure to notify and seek approval from the FCA has compromised the integrity of the UK payment services market.

Mr. Ahmed aimed to acquire full control of Olampicaran, a small payments firm specializing in money remittance services.

The FCA objected to the acquisition due to Mr. Ahmed’s significant lack of professional competence, which led to his failure to comply with regulatory requirements.

Previously, Mr. Ahmed had acquired a regulated firm and completed his tenure without obtaining the necessary approval or notifying the FCA. These actions are criminal offences under the Financial Services and Markets Act. Furthermore, Mr. Ahmed did not disclose this information when informing the FCA about his planned acquisition of Olampicaran.

By neglecting to notify the FCA, Mr. Ahmed posed a risk to the integrity of the UK payment services market, potentially exposing the system to illicit financial activity.

Additionally, Olampicaran had not been registered with HMRC, the supervisory body for anti-money laundering, as required. Mr. Ahmed failed to respond to the FCA’s requests for more information regarding this and other related issues.

In response to the FCA’s Decision Notice, Olampicaran cancelled its regulatory permissions and is no longer a regulated firm.