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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

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Cancellation and suspension of registration in a register under regulation 54 or 55

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60.—(1) If paragraph (2) applies, the registering authority may suspend (for such period as it considers appropriate) or cancel—

(a)the registration of a money service business or a trust or company service provider in a register maintained under regulation 54; or

(b)the registration of an Annex 1 financial institution in a register maintained under regulation 55 (including the registration of an Annex 1 financial institution previously included in a register maintained under regulation 32 of the Money Laundering Regulations 2007)(1).

(2) This paragraph applies if, at any time after registration, the registering authority is satisfied that—

(a)the money service business, trust or company service provider, or Annex 1 financial institution (as the case may be); or

(b)any other person mentioned in regulation 58(1) in relation to that business, provider, or financial institution,

is not a fit and proper person for the purposes of regulation 58.

(3) The registering authority may suspend (for such period as it considers appropriate) or cancel a person’s registration in a register maintained by it under regulation 54 or 55 if, at any time after registration—

(a)it appears to the authority that any of paragraphs (a) to (e) of regulation 59(1) apply; or

(b)the person has failed to comply with any requirement of a notice given under regulation 66.

(4) The Commissioners may suspend (for such period as they consider appropriate) or cancel the registration of a person who—

(a)was included in a register maintained by the Commissioners under regulation 25 or 32 of the Money Laundering Regulations 2007, and

(b)has not provided the additional information required for registration under regulation 57 within the period of 12 months beginning with the date on which these Regulations come into force.

(5) The Commissioners may suspend (for such period as they consider appropriate) or cancel the registration of a money service business in a register maintained under regulation 54(2)(b) where the money service business is—

(a)providing a payment service in the United Kingdom, or is purporting to do so;

(b)not included in the register of payment service providers maintained by the FCA under regulation 4(1) of the Payment Service Regulations 2009(2); and

(c)not a person—

(i)mentioned in paragraphs (c) to (h) of the definition of a “payment service provider” in regulation 2(1) of the Payment Services Regulations 2009, or

(ii)to whom regulation 3 or 121(3) of those Regulations applies.

(6) Where the supervisory authority of a person on the register maintained under regulation 54 or 55 is not the registering authority, the supervisory authority must inform the registering authority as soon as possible if it becomes aware of any grounds on which the registering authority might decide to suspend or cancel that person’s registration.

(7) Where the Commissioners decide to suspend or cancel a person’s registration they must give that person notice of—

(a)their decision and, subject to paragraph (10), the date from which the suspension or cancellation takes effect;

(b)if appropriate, the period of the suspension;

(c)the reasons for their decision;

(d)the right to a review under regulation 94; and

(e)the right to appeal under regulation 99.

(8) Where the FCA is minded to suspend or cancel a person’s registration it must give that person notice—

(a)that it is so minded;

(b)if appropriate, the proposed period of the suspension;

(c)the reasons for being so minded; and

(d)the right to make representations to it within the period specified in the notice (which must not be less than 28 days).

(9) The FCA must then decide, within a reasonable period, whether to suspend or cancel the person’s registration and it must give that person notice of—

(a)its decision not to suspend or cancel the person’s registration; or

(b)the following matters—

(i)its decision to suspend or cancel the person’s registration and, subject to paragraph (10), the date from which the suspension or cancellation takes effect;

(ii)the period of the suspension;

(iii)the reasons for its decision; and

(iv)the right to appeal under regulation 93.

(10) If the registering authority—

(a)considers that the interests of the public require the suspension or cancellation of a person’s registration to have immediate effect; and

(b)includes a statement to that effect and the reasons for it in the notice given under paragraph (7) or (9),

the suspension or cancellation takes effect when the notice is given to the person.

(3)

Regulation 121 was amended by S.I. 2010/22 and 2013/3115.

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