Anti-Money Laundering Course (Cantonese)

“AMLO Statutory Requirements” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 22 March 2018 (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 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 MSOA Member HK$390 each. To verify the eligibility to the special discount, applicants must enroll 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.

“Guideline on Anti-Money Laundering and Counter-Terrorist Financing (For Money Service Operators)” has been revised and issued in March 2018. MSOs should pay attention to and comply with the relevant revised guideline.

In addition, the Hong Kong Customs and Excise Department (HKC&ED) published a Circular to draw all licensed Money Service Operators’ (MSOs’) attention that the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”) has come into operation on 1 March 2018. Under the newly-added provision of Section 39A in the AMLO, a licensee who operates a money service at specified premises must display the original of the licence in a conspicuous place at such specified premises.

To dovetail with this amendment Ordinance, HKC&ED shall issue revised licences to all the licences MSOs’. Individual licensees will be notified of the detailed arrangement of the replacement and collection of the MSO licences at the office of the Money Service Supervision Bureau (MSSB) during the specified period between 12 March and 31 May 2018. Our Association reminds all MSOs that if they do not receive a letter of notification from HKC&ED by 3 May 2018, they should proactively contact MSSB for timely arrangement.

Money service operator convicted of operating without licence

A woman was fined $10,000 today (March 5) at West Kowloon Magistrates' Courts for operating a money service without a valid licence. Acting on information, officers of Customs and Excise Department (C&ED) found that the woman had operated the money service between April 5 and October 7, 2016, without a licence from the Commissioner of Customs and Excise...Read More

Gang snatches HK$32 million in ambush on money exchange staff on busy Hong Kong street

Five men were robbed of more than 400 million Japanese yen (HK$32 million) in an ambush by a gang in Tsim Sha Tsui on Friday. Three of the gang of eight men were later arrested and the money recovered, but the other five were last night still on the run. The five employees of a money exchange company, all Indians, were on their way to a bank to deposit the money - contained in two suitcases - when they were attacked outside Friends' House on Carnarvon Road about 11.30am...Read More

Chinese police seize 'record' haul of counterfeit banknotes

Police have made the largest seizure of fake banknotes found in China after arresting a suspected counterfeiting gang, according to a newspaper report. Police in southern Guangdong province seized fake notes with a face value of 214 million yuan (US$33.2 million), the Southern Metropolis News reported. Fourteen suspects were also arrested. The investigation began in March last year when officers looked into suspected counterfeiting in cities including Shanwei, Jieyang and Shenzhen, the newspaper reported…Read More

New smart Hong Kong ID card application to take just 30 minutes, but take as long as you want for that photo

Half an hour is all you need to register at a self-service kiosk for the new smart ID card instead of going through traditional manual processing at counters, Hong Kong immigration officials said on Tuesday. As about 8.8 million existing cards are to be replaced starting from the fourth quarter of this year, the Immigration Department will set up nine replacement centres across the city to obtain the new ones. Each centre will be equipped with up to 14 self-service kiosks - about 10 for registration and the rest for card collection…Read More