ECSH41030 | Business registered in approvals sector and adds a fit and proper sector

If an accountancy service provider, estate agency business, lettings agency business, art market participant or high value dealer that is currently supervised by HMRC, submits an amended application to advise HMRC that it has started to act as a money service business (MSB) or a trust or company service provider (TCSP), the business, and its beneficial owners, officers and managers (BOOMs) must undergo the fit and proper (F&P) test.

Telecommunications, digital and IT payment service providers and bill payment service providers are not required to go through the approvals process on application for registration, however, if they decide to provide MSB or TCSP service to their registration, the business and the BOOMs will need to undergo the F&P test.

F&P test fees

All BOOMs who have not previously undergone the F&P test must pay the appropriate fee in this role for the business.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)