ECSH83575 - Sanctions for non-compliance: suspension and cancellation: circumstances in which suspension or cancellation may be considered appropriate

Suspension or cancellation may be considered in the following circumstances:

• We are satisfied that a Money Service Business (MSB)/Trust or Company Service Provider (TCSP) or any other person mentioned in regulation 58(1) in relation to that business is not a fit and proper (F&P) person for the purposes of regulation 58
• It appears that any of the criteria in Regulation 59(1)(a) to (e) apply (e.g. that a requirement to provide correct and timely registration-related information has not been complied with, the business has failed to pay a fee, charge, or penalty, or where we have reasonable grounds to suspect the regulations, will not be complied with), see ECSH83585
• The business has failed to comply with any requirements of a Notice under Regulation 66 (Notice to request information), see ECSH83590
• Where a business registered under Money Laundering Regulations 2007 has failed to provide the additional information under regulation 57 within the period of 12 months from when the regulations came into force
• The business is an MSB, providing a payment service in the UK or purporting to do so, is not included in the FCA’s register of payment service providers and is not a person mentioned in Regulation 2(1) of the Payment Service Regulations (PSRs) for whom Regulation 3 or Regulation 121(b) of the PSRs applies.