On the 29th of April 2011, the Central Bank of Cyprus granted an authorisation to Mediterranean Finance Ltd to operate as a payment institution, under the provisions of the Payment Services Laws of 2009 to 2010 (the Law). Under the authorisation, the company is allowed to carry out money remittances as provided in point 6 of the Annex of the Law.
Simultaneously, the Central Bank of Cyprus has withdrawn the authorisation which was granted to the above company for the establishment and operation of a money transfer business, under the provisions of the Directive for the Regulation of Money Transfer Services of 2003 to 2009.