MLR2R16050 - Refusing an Application for Registration: Refusing Registration

We must refuse to register a business as an MSB or TCSP if we determine that:

• the applicant;
• a person who effectively directs, or will effectively direct, the business;
• a beneficial owner of the business; or
• the nominated officer of the business

is not a fit and proper person under Regulation 28 of the 2007 Money Laundering Regulations.

We can refuse to register an MLR business or cancel a business’s registration if they:

• are not acting as an MLR business
• fail to provide us with information on registration
• fail to provide us with details of material changes during the year
• fail to pay the appropriate fee(s)
• provide false or misleading information on registration; or
• fail to provide information in the way we have requested (Regulation 27(6))