5. Application for licence

An application for a licence to carry on money services business shall be made in writing to the Bank by an applicant—

No person shall apply for a licence to carry on money services business unless it is a company.

The Bank may, by written notice, require the applicant or any person who is or is to be a director, controller or chief executive officer of the applicant to provide additional information or documents.

If any additional information or document required under subsection (3) is not provided by the applicant or its director, controller or chief executive officer, as the case may be, within the period specified in the written notice or any extended period granted by the Bank, the application shall be deemed to be withdrawn and shall not be further proceeded with, but without affecting the right of the applicant to make a fresh application.