ECSH83580 | Suspension and cancellation: determination of the fit and proper test for the purposes of regulation 58

We may suspend or cancel a registration of a money service business (MSB) or trust or company service provider (TCSP) under regulation 60(1) of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) where we are satisfied that an MSB/TCSP, an agent of the MSB or a beneficial owner, officer or manager (BOOM) of the MSB/TCSP, is no longer fit and proper (F&P) for the purposes of regulation 58 MLR 2017.

What information do we need to be satisfied that a BOOM is not fit and proper

Each case must be considered on its own merits and some cases will require more consideration than others.

If one of the individuals mentioned above has been convicted of a schedule 3 MLR 2017 offence, and that conviction is unspent (see ECSH45025) then that person is to be treated as not a F&P person in accordance with regulation 58(3) MLR 2017. This decision is final as there is no right of appeal when a F&P decision is made on these grounds by virtue of regulation 99(1)(b) MLR 2017.

In the absence of an unspent schedule 3 MLR 2017 conviction, we must consider the factors set out in the fit and proper test guidance.