Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
- (a) must be made in the form and manner specified by the Commissioner; and
- (b) must be accompanied by the fee specified in Schedule 3.
(3) The Commissioner may give an approval under this section only if the Commissioner is satisfied that the person in relation to whom the application is made is a fit and proper person to be associated with the licensee’s money service business.
(4) In determining whether a person is a fit and proper person under subsection (3), the Commissioner must, in addition to any other matter that the Commissioner considers relevant, have regard to the matters specified in section 30(4)(a), (b), (c), (d) and (e).
(5) If the Commissioner refuses to give an approval 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) A person 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.
37. Commissioner’s approval required in respect of persons proposing to become licensee’s partners
(1) In relation to a licensee that is a partnership, a person must not become a partner in the partnership unless the Commissioner has, on an application of the licensee, given his or her approval in writing.
