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HMRC internal manual

Money Laundering Regulations: Registration

Refusing an Application for Registration: Cancellation and Suspension of Registration

If we take the decision to cancel or suspend  a registration, we must notify the business in writing. A business can appeal against a decision to cancel or suspend their registration.

We may cancel or suspend for the same reasons that we can refuse a registration and where:

 

  • the circumstances relating to an individual’s fit and proper status has changed and the individual is no longer considered to be fit and proper; or
  • an individual has been convicted of a relevant offence
  • the relevant person fails to comply with a Regulation 66 notice issued under the regulations
  • the relevant person has not provided additional information required within 12 months after the Regulations came into force
  • an MSB appears to be a payment service in the UK but is not registered with the FCA (or subject to an exemption).

If we believe it is in the interest of the public to cancel a registration with immediate effect, we must inform the business of this and cancellation will take effect as soon as the notice is given to the business.