31.—(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 F76[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 to refuse the application, and

(b) informing the applicant that the applicant may, within 21 days after the giving of the notice, make written representations to the Bank showing why the application should be granted.

(4) Not later than 21 days after being given a notice under subsection (3), the applicant may make written representations to the Bank showing why the application should be granted.

(5) The Bank may refuse an application only after having considered any representations made by the applicant in accordance with subsection (4).

(6) If the Bank refuses an application, it shall immediately give to the applicant written notice of the refusal. The notice must include a statement setting out the reasons for the refusal.

(7) On granting an application for an authorisation, the Bank shall—

F77[(a) record the appropriate particulars of the applicant in the register of persons authorised to carry on any regulated business, and]

(b) issue the applicant with an authorisation authorising the applicant to carry on the regulated business to which the application relates.]