Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 5—Division 2
A753
Section 34
Ord. No. 15 of 2011
- (B) if there is an ultimate owner in relation to the partnership, the ultimate owner is no longer a fit and proper person to be associated with the licensee’s business of operating a money service; or
- (iii) where the licensee is a corporation—
- (A) any director of the corporation is no longer a fit and proper person to be associated with the licensee’s business of operating a money service; or
- (B) if there is an ultimate owner in relation to the corporation, the ultimate owner is no longer a fit and proper person to be associated with the licensee’s business of operating a money service; or
- (b) a licensee operates a money service at any domestic premises, and—
- (i) any occupant of the premises revokes his or her written consent previously given for any authorized person as defined by section 8 to enter the premises for the purpose of exercising the powers under section 9; or
- (ii) any new occupant of the premises refuses to give such a written consent.
(2) The specified powers are—
- (a) to revoke the licence; or
- (b) to suspend the licence for a period specified by the Commissioner or until the occurrence of an event specified by the Commissioner.
(3) The Commissioner may only exercise a power under subsection (1) after giving the licensee a reasonable opportunity to be heard.
