(1) The FCA may refuse to register an applicant as a small payment institution only if any of the conditions set out in paragraphs (2) to (11) is not met.
(2) The application must comply with the requirements of, and any requirements imposed under, regulations 13 and 20.
(3) The monthly average over the period of 12 months preceding the application of the total amount of payment transactions executed by the applicant, including any of its agents in the United Kingdom, must not exceed 3 million euros.
(4) The business to which the application relates must not include the provision of account information services or payment initiation services.
(5) None of the individuals responsible for the management or operation of the business has been convicted of -
(a) an offence under Part 7 of the Proceeds of Crime Act 2002 (money laundering) [2002 c. 29, as amended by sections 102 to 106 of, and paragraphs 173 and 174 of Schedule 4 and Part 2 of Schedule 17 to, the Serious Organised Crime and Po
…