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71F. Suspension and withdrawal of DNFBP Registration

(1) The DFSA may suspend the registration of a DNFBP at the request of the DNFBP or on its own initiative.

(2) The DFSA may withdraw the registration of a DNFBP:

(a) at the request of the DNFBP;
(b) if the DIFC Registrar of Companies notifies it that the DNFBP no longer holds the relevant commercial licence to operate in the DIFC; or
(c) on its own initiative.

(3) The DFSA may exercise its power on its own initiative under (1) or (2)(c) if:

(a) the DNFBP no longer meets the criteria for DNFBP registration;
(b) the DNFBP is in breach of, or has been in breach of, the Law or Rules or other Anti-Money Laundering Legislation;
(c) the DNFBP is insolvent or entering into administration;
(d) the DNFBP is no longer carrying on business in the DIFC; or
(e) the DFSA considers that exercising the power is necessary or desirable in the pursuit of its anti-money laundering objective in Article 8(3A).

(4) The procedures in Schedule 3 apply to a decision of the DFSA under this Article to suspend or withdraw registration of a DNFBP on its own initiative.

(5) If the DFSA decides to exercise its power under this Article to suspend or withdraw registration of a DNFBP on its own initiative, the DNFBP may refer the matter to the FMT for review.