ECSH83580 - Suspension and cancellation: determination of the fit and proper test for the purposes of regulation 58
ECSH83580 - Suspension and cancellation: determination of the fit and proper test for the purposes of regulation 58听
We may suspend or cancel a registration of a money service business (MSB) or trust or company service provider (TCSP) under鈥�) 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鈥�听MLR 2017.听
What information do we need to be satisfied that a BOOM is notfit and proper听
Each case must be considered on its own merits and some cases will require more consideration than others.听
If one of the individuals mentioned above has been convicted of a鈥�schedule 3鈥�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.鈥�This decision is final as there is no right of appeal when a F&P decision is made on these grounds by virtue of鈥�regulation 99(1)(b) MLR 2017.听
In the absence of an unspentschedule 3 MLR 2017 conviction, we must consider the factors set out in鈥�the fit and proper test guidance.听
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