(1) The registering authority must refuse to register an applicant for registration in a register maintained under regulation 54 as a money service business or as a trust or company service provider, if it is satisfied that -
(a) the applicant;
(b) an officer or manager of the applicant;
(c) a beneficial owner of the applicant; or
(d) where the applicant is a money service business -
(i) any agent used by the applicant for the purposes of its business; or
(ii) any officer, manager or beneficial owner of the agent, is not a fit and proper person to carry on that business.
(2) Where the FCA has decided to maintain a register of Annex I financial institutions under regulation 55, paragraph (1) applies in relation to those institutions as it applies to a money service business and a trust or company service provider.
(3) A person who has been convicted of a criminal offence listed in Schedule 3 is to be treated as not being a fit and proper person to carry on the business for the purposes
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