Refusal of application

(1) The Registrar may refuse an application for a licence if– (a) the application does not comply with section 6; (b) the applicant fails to provide any information or documents required by the Registrar under (c) the Registrar is of the opinion that the applicant does not, or does not intend to, carry on the business for which it seeks to be licensed; 23 (d) any of the applicant’s senior management, directors, or owners, or their associates, have committed a specified offence referred to in section 7(3); or (e) the applicant, at any time, held a licence, a licence as a financial institution or a licence to carry on any financial services that was revoked. (2) The Registrar shall refuse an application for a licence if it is of the opinion that– (a) any condition referred to in section 4(3) is met; (b) the applicant does not, or on commencement of business will not, have the capacity or willingness to comply with its obligations under this Act or its AML/CFT obligations or to identify, mitigate and manage the money laundering and terrorism financing risks to which it is exposed; (c) the moneylender, or its business, represents a significant money laundering or terrorist financing risk; or (d) it is contrary to the public interest for the applicant to be licenced. (3) If the Registrar refuses an application for a licence, it shall, as soon as practicable, send the applicant a written notice of refusal, stating the grounds for its refusal.