ECSH83575 - Suspension and cancellation: circumstances in which suspension or cancellation may be considered appropriate

Suspension or cancellation may be considered in the following circumstances:

  • HMRC 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 of The Money Laundering, Terrorist Finance and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017).
  • It appears that any of the criteria in regulation 59(1)(a) to (e) MLR 2017 apply including 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 MLR 2017 (notice to request information). See ECSH83590.
  • Where a business registered under MLR 2017 has failed to provide the additional information under regulation 57 MLR 2017 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, and 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. See ECSH51225.