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Members' Circular
4 July 2016

Dear Members:

Through this Circular, our Association would like to take this opportunity to provide all members the latest updates on Association affairs and information relevant to licensed MSOs:

Anti-Money Laundering Course (Cantonese)

“Customer Due Diligence and Case Studies” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 28 July 2016 (Thursday night).
Since sufficient staff training is significantly effective in combating money laundering and terrorist financing, and HKC&ED requires MSOs to receive relevant continuous training, our Association encourages MSOs to proactively arrange and encourage their staff to attend our courses. This is also a good opportunity to raise staff’s legal awareness and enhance their knowledge on the required level of compliance.
The course only costs HK$350 for all licensed money service practitioners. For more details or any queries, please visit our website or call our hotline at 3176 2004.

The HKC&ED has recently organised an “Anti-Money Laundering Seminar”. Topics of the seminar include staff screening, customer due diligence, ongoing monitoring, identifying irregular activities, definition of politically exposed person , application for renewal of licence, licensing guide, enforcement news and Trade Descriptions Ordinance. Other highlights include:

● Financial Action Task Force on Money Laundering (FATF): FATF will conduct the on-site visit of the 4th round of Mutual Evaluation of Hong Kong in 2018. As part of the financial sector of Hong Kong, all licensed MSOs should fully cooperate in the evaluation performed by the international organization against Hong Kong, especially on the effectiveness of risk assessment in relation to anti-money laundering and counter-terrorist financing. The relevant evaluation will affect the status of Hong Kong being a Financial Centre
● Record-keeping of customer records in a systematic manner: Consolidating the obtained customer records properly into informative files and using computer system to record the relevant records as possible
● Staff training is effective for preventing and detecting Money Laundering/Terrorist Financing activities

Money service operator convicted for breaching licensing requirements

A money service operator was convicted, on April 12 at the Eastern Magistrates' Courts, on two counts of breaching the licensing requirements as stipulated in the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance. The company was fined $4,000 in total. Acting on information, officers of the Customs and Excise Department (C&ED) unveiled in operations last year that the company had omitted a material particular, i.e. the information of bank accounts for running money service business, and had failed to notify the Commissioner of Customs and Excise in writing of the change in bank accounts within one month as required under the Ordinance. The C&ED reminds all licensed money service operators to comply with the licensing requirements as stipulated in the Ordinance. The maximum penalty on conviction is imprisonment for six months and a fine of $50,000… Read More

Fake flat seller runs away with nearly $3m

An alleged swindler used a fake Hong Kong identity card to sell an almost new flat which he did not own at Festival City in Tai Wai and made off with the HK$2.92 million deposit. The buyer's law firm involved with the deal initially filed a police complaint. The seller apparently managed to go through the lawyer, Centaline Property Agency and the buyer using his fake ID, without getting caught...Read More

Bogus property owners scam millions from Hong Kong buyers and banks

Police claim con artists posing as flat owners have duped finance companies and home buyers out of HK$227 million in the last three years. Con artists posing as flat owners have duped finance companies and home buyers out of HK$227 million in the last three years, ­police said yesterday...Read More

Money changer's killer splashed head to toe in blood

The killer of an elderly money changer in Tai Po is suspected to have been splashed with blood from head to toe as the victim’s artery was slashed in the attack, the Post was told. With the culprit still on the run, police have turned to 13 bloody footprints, each about 28cm long, blurred images of the perpetrator and more than a hundred CCTV recordings to help in their search...Read More

HKMSOA is a non-profit organization. The operations of the Association will need the concerted supports of our industry counterparts in sponsorship and we hope that all of you will support us.

A2/F, Dolford Mansion, 1-3 Chatham Court, Tsim Sha Tsui, Kowloon, Hong Kong
Tel：(852) 3176 2004      Fax：(852) 3010 8582
Email：[email protected]      Website：www.msoa.hk      Skype：hkmsoa

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