(1) Except as provided by subsection (2), the Bank shall grant an application for an authorisation that complies with section 30.
(2) The Bank may refuse an application for an authorisation that complies with section 30 only if it is of the opinion that -
(a) to grant the application would be inconsistent with the effective enforcement of any law of the State the purpose of which is to prevent or inhibit money laundering or terrorism, or
(b) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to properly fulfil the obligations imposed on holders of authorisations by or under this Part or any other designated enactment and or any designated statutory instrument, or
(c) information given to the Bank by or on behalf of the applicant in connection with the application is materially false or misleading.
(3) If the Bank proposes to refuse an application, it shall serve on the applicant a notice in writing -
(a) specifying the grounds on which it is proposed t
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