Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
(2) An application under this section must be made in the form and manner specified by the Commissioner.
(3) The Commissioner may grant an application under this section on payment of the fee specified in Schedule 3 and may impose any condition that the Commissioner thinks fit.
(4) The Commissioner may grant an application under this section only if the Commissioner is satisfied that—
- (a) the premises in respect of which the application is made are suitable to be used for the operation of a money service; and
- (b) where the premises referred to in paragraph (a) are domestic premises, the licensee has secured the written consent of every occupant of the premises for any authorized person as defined by section 8 to enter the premises for the purpose of exercising the powers under section 9.
(5) If the Commissioner refuses to grant an application under this section, the Commissioner must inform the licensee by notice in writing.
(6) A notice under subsection (5) must include—
- (a) a statement of the reasons for the decision; and
- (b) a statement that the licensee may apply to the Review Tribunal for a review of the decision.
(7) The Commissioner must, as soon as reasonably practicable after granting an application under this section, add the relevant particulars to the register.
(8) A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5 and to imprisonment for 6 months.
