De-registration

(1) The supervisory authority may de-register a DNFBP if– (a) subject to subregulation (2), the DNFBP applies to be de-registered; or (b) subject to subregulation (3), the supervisory authority has reasonable grounds to believe– (i) the DNFBP is in contravention of, or has contravened, any of its AML/CFT obligations; (ii) the DNFBP does not have the capacity or willingness to comply with its AML/CFT obligations or to identify, mitigate and manage the money laundering and terrorism financing risks to which the DNFBP is exposed; (iii) the DNFBP, or its business, represents a significant money laundering or terrorist financing risk; (iv) any of the DNFBP’s directors, senior officers or owners, or their associates, have carried on a serious crime; or (v) it is in the public interest for the DNFBP to be de-registered. (2) The supervisory authority shall not de-register a DNFBP under paragraph (1)(a) if the supervisory authority is of the opinion that the de-registration of the DNFBP would hinder the supervisory authority in the exercise of its functions. Money Laundering and Terrorism (Prevention) 21 (3) Subject to subregulation (4), before de-registering a DNFBP under paragraph (1)(b), the supervisory authority shall– (a) give written notice to the DNFBP stating– (i) the grounds upon which it intends to de-register the DNFBP; and (ii) that unless the DNFBP, by written notice, shows good reason why it should not be de-registered, it will be de-registered on a date not less than 14 days after the date of the notice; and (b) in the case of a DNFBP that is licensed or regulated, consult with the regulator in accordance with regulation 20. (4) If it is not practicable for the supervisory authority to give notice to the DNFBP under paragraph (3)(a), it may de- register the non-regulated DNFBP without giving such notice. (5) Where the supervisory authority de-registers a DNFBP, it shall mark the name of the DNFBP in the DNFBP Register as de-registered, showing the date of its de-registration.