ECSH83580 - Sanctions for non-compliance: 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)/ Trust or Company Service Provider (TCSP) under Regulation 60(1) where we are satisfied that an MSB/TCSP, an agent of the MSB or a beneficial owner, officer or manager (BOOM) of one of the aforementioned is no longer fit and proper for the purposes of Regulation 58.

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 offence listed in Schedule 6 of Money Laundering Regulations 2017, and that conviction is unspent, then that person is to be treated as not fit and proper in accordance with Regulation 58(3). This decision is final as there is no right of appeal when a fit and proper decision is made on these grounds by virtue of Regulation 99(1)(b).

In the absence of a Schedule 3 conviction, we must consider the factors set out in The fit and proper test guidance.