The UK Financial Conduct Authority (FCA) has cancelled the registration of HR Bank Limited as an Annex 1 financial institution.
The decision is pursuant to Regulation 60(3)(b) of the Money Laundering Regulations 2017 (“the MLRs”).
The firm has failed to comply with the requirements in the First and Second Notice in breach of regulation 66 of the MLRs.
The significance of the failure by the firm to comply with the requirements in the First and Second Notice and to respond to the Authority’s repeated communication attempts is not merely that the failure itself is material, but that it signifies a breakdown in the relationship between the Firm and the Authority, such that it appears that the Authority can reasonably conclude that the Firm may not respond adequately to future communications sent to them by the Authority.
The firm’s registration as an Annex 1 Firm will be cancelled in accordance with Regulation 60(3)(b) of the MLRs which allows the Authority to cancel the Registration of a firm that fails to comply with any requirement of a notice given under regulation 66 of the MLRs.
The cancellation of the registration is effective September 7, 2026.