Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/45

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 2 Section 30 (3) If a person is convicted of an offence under this section, the magistrate may order that the person is to be disqualified from holding a licence for a period specified in the order beginning on the date of the order.

30. Grant of licence

(1) An application for the grant of a licence—
 * (a) must be made to the Commissioner in the form and manner specified by the Commissioner; and
 * (b) must be accompanied by the fee specified in Schedule 3.

(2) The Commissioner may, on an application under subsection (1), grant to the applicant a licence to operate a money service.

(3) The Commissioner may grant a licence to an applicant only if the Commissioner is satisfied that—
 * (a)(i) where the applicant is an individual—
 * (A) the individual is a fit and proper person to operate a money service; and
 * (B) if there is an ultimate owner in relation to the individual, the ultimate owner is a fit and proper person to be associated with the business of operating a money service;
 * (ii) where the applicant is a partnership—
 * (A) each partner in the partnership is a fit and proper person to operate a money service; and
 * (B) if there is an ultimate owner in relation to the partnership, the ultimate owner is a fit and proper person to be associated with the business of operating a money service; or
 * (iii) where the applicant is a corporation—