ECSH44625 | Fit and proper test fee

For each beneficial owner, officer or manager (BOOM) of a money service business (MSB) or a trust or company service provider (TCSP), there is a fit and proper (F&P) test fee.

This fee is not refundable, even if the BOOM is determined not to be F&P. This is in order to cover the cost of the test.

The fee is only paid once per business per person tested. There is no charge for retests or refreshes but a F&P test is specific to a certain business: it does not give an individual a “status” that can be transferred to another business. This is because the circumstances and risks of a business are not necessarily the same.

Further guidance on the F&P test is available at ECSH45030.