Fees

(1) In accordance with section 85B of the Act, a DNFBP shall pay to the supervisory authority the following fees– (a) a non-refundable application fee under regulation 5(3)(c)(ii) on submitting an application for registration under regulation 6; (b) a registration fee on registration under regulation 6; and (c) an annual fee on each anniversary of its (2) The application, registration and annual fees shall be set by the supervisory authority and different fee levels may be set for different types, categories and descriptions of DNFBP. Money Laundering and Terrorism (Prevention) 31 (3) In determining the fees payable by different types, categories and descriptions of DNFBP, the supervisory authority shall have regard to the following criteria– (a) the fee chargeable shall take account of the estimated average cost of supervising DNFBPs of the particular type, category or description to which the fee will apply; (b) the fees should be set with the objective that the total fees paid to the supervisory authority are sufficient– (i) to cover the costs to the supervisory authority of discharging its functions under the Act and these Regulations; and (ii) to enable the supervisory authority to accumulate a reserve sufficient to cover the costs of ad hoc investigations and other enforcement action that may be required from time to time.