Anti-Money Laundering Course (Cantonese)

“Ongoing Monitoring and Case Studies” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 27 June 2019 (Thursday night). Since sufficient staff training is significantly effective in combating money laundering and terrorist financing, and HKC&ED requires MSOs to receive relevant AML continuous training, our Association encourages MSOs to proactively participate as well as to arrange and encourage their staff to attend our courses so as to ensure that the staffs understand their responsibilities and to deepen staff’s understand on the importance of continuous monitoring.

The course only costs MSOA Member HK$490 each. To verify the eligibility to the special discount, applicants must enrol in the course through the Hong Kong Money Service Operators Association. For more details or any queries, please visit our website or call our hotline at 3176 2004.

Money service operator convicted of operating without licence

Officers of the Customs and Excise Department (C&ED) on patrol earlier discovered a gold and jewellery shop in Shatin & a shop inside a shopping arcade in Tin Shui Wai suspected of operating money service without licence. The former was fined $6,000 on 24 April and disqualified from holding a Money Service Operator licence for six months at Shatin Magistrates' Courts for operating a money service without a valid licence. The latter was fined $8,000 on 15 May at Tuen Mun Magistrates' Courts for operating a money service without a valid licence.

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a person who wishes to operate a remittance and/or money changing service is required to apply for a licence from the C&ED. Any person who operates a money service without a valid licence commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for six months. (Please visit our website "Industry News")

Our Association has officially lanched the “Instagram” page. We hope to enhance the links with the money service operators. The official “Instagram” page will have posts and news regularly. Welcome to browse and track the account details. (Please visit our website"Events")

Robbers attempt to steal backpack with HK$4 million

Two robbers attacked a man with a knife outside an MTR station in Hong Kong on 2 May and made off with his backpack containing HK$4 million, but pedestrians subdued one of them after a chase and all the money was recovered. The victim, a 53-year-old man who was carrying the HK$4 million in his backpack after changing yuan at a money exchange shop on nearby Tak Man Street, suffered cuts to his left lower leg and abrasions on his right arm…Read More

Taiwan makes biggest haul of fake Japanese banknotes

Taiwanese authorities said 9 April they have seized more than 200 million yen worth of fake Japanese banknotes after cracking what they called the biggest counterfeiting case in the island's modern history. The Taipei District Prosecutors Office said the 22,879 fake 10,000-yen banknotes were seized in an 2 April raid on a residence in Yingge District, New Taipei City in which a woman there was detained.… Read More

PBOC to issue new edition of fifth RMB series starting 30 Aug

New 50-, 20-, 10- and one-yuan banknotes and coins of one yuan, five and one jiao (0.5 and 0.1 yuan respectively) will be released by the central bank with improved anti-counterfeiting features on 30 August, the PBOC said on 29 April. This will be the third edition of the fifth series of renminbi, which was introduced by the People's Bank of China (PBOC) in 1999 for 50-, 20-, 10- and one-yuan banknotes and one jiao (0.1 yuan) coins, whose second edition was issued in 2005. This is the first upgrade of the one-yuan banknotes and coins and five jiao (0.5 yuan) coins since 1999…Read More

Four arrested in Hong Kong as police raid flat and seize more than 1,100 fake banknotes

Commercial Crime Bureau officers swooped on an Aberdeen flat on 21 April after 34 incidents of shops in Sham Shui Po and other West Kowloon areas receiving counterfeit HK$500 and HK$100 bills from the HSBC 2010 series of banknotes since the middle of last month. In the raid, officers arrested a 32-year-old man who was believed to be the mastermind. Police found 269 counterfeit HK$500 notes and 846 HK$100 bills in the rented flat on Wu Pak Street, which they suspected was used as a printing house…Read More