(1) The Commissioners must refuse to register an applicant as a money service business or trust or company service provider if they are satisfied that -
(a) the applicant;
(b) a person who effectively directs, or will effectively direct, the business or service provider;
(c) a beneficial owner of the business or service provider; or
(d) the nominated officer of the business or service provider,
is not a fit and proper person with regard to the risk of money laundering or terrorist financing.
(2) [deleted]
(3) [deleted]