If you are having trouble viewing images, please click here.
Members' Circular
21 June 2017

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:

Relocation of Money Service Supervision Bureau

On 5 June 2017, the Money Service Supervision Bureau (MSSB) of Customs and Excise Department had been moved to Units 1218 – 1222, 12/F, Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon. For enquiry, please call the MSSB at (852) 2707 7837 or by fax (852) 2707 7838.

The Hong Kong Custom and Excise Department (HKC&ED) has recently held an “Anti-Money Laundering Seminar” on 25 May 2017. Topics of the seminar include Customer Due Diligence (CDD), Ongoing Monitoring, Identifying Irregular Activities, Licence Renewal Application, Guidelines for Transaction Record Keeping, Licensing Guide, Enforcement News and Trade Description Ordinance. Highlights of the seminar include:

● Questioning about suspicious remittance: Asking if there was someone claiming to be a law enforcement official or staff from bank or delivery company and requesting the remitter to transfer funds to bank account belonging to other persons. Advice should be given to the customer to raise their awareness against deceptions and take the initiative to report the case
● Recording transaction records of customers: Keeping transaction records of customers in a systematic manner, filing the customer records obtained throughout the CDD procedures in appropriate orders for easy reference or filing the customer records in a computer system, for the use of monitoring suspicious activities and ensuring the completeness of the information

Money service operator convicted of operating without licence

A proprietor of a company was fined $10,000 on June 1 at Fanling Magistrates’ Courts for operating a money service without a valid licence. Officers of Customs and Excise Department (C&ED) found the proprietor of the company operated money service between October 2013 and May 2016 without a licence from the Commissioner of Customs and Excise. Under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance which came into effect on April 1, 2012, 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 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. Members of the public may report any suspected unlicensed money service operation to the Customs 24-hour hotline 2545 6182...Read More")

With regard to a recent case of MSO convicted of operating without licence. Our Association reminds MSOs of the following highlights:

● Anyone who wishes to operate money remittance and/or money changing services must apply to HKC&ED for a licence
● Licence renewal applications needs to be submitted at least 45 days prior to the expiry of licence
● For new licence applications, the operation of money service business is only allowed to start after the licence has been officially issued by the Commissioner of Customs and Excise (CCE)
● Licensed MSOs can submit the relevant applications online. For further details, please refer to the Guidance Notes、Online Demonstration and Form relating to licence renewal applications

Operating money services without licence commits an offence. The maximum penalty on conviction is imprisonment for six months and a fine of HK$100,000

Masked Hong Kong gang robs foreign businessman of HK$400,000 at knifepoint next to Chungking Mansions

A gang of men wielding knives robbed a foreign businessman of HK$400,000 in an attack in a popular Hong Kong shopping district on Saturday night. The group of four slashed the 61-year-old, who suffered injuries on the head, leg and back, outside Chungking Mansions in Tsim Sha Tsui at about 11.20pm. They stole his watch and his bag, which contained cash in both Hong Kong and US dollars. They then jumped into a getaway car, and sped towards Hung Hom… Read More

Kind-hearted Hong Kong shop owner saves woman from HK$20,000 phone scam

The owner of a currency exchange shop foiled a phone scam when con artists tried to dupe an 18-year-old woman into transferring HK$20,000 into a mainland bank account through his North Point shop on Friday. The woman told police that at about 11am on Friday she had received a call from a male con artist posing as a local immigration officer before the call was transferred to another man who claimed he was a Shanghai police officer... 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

© 2017 Hong Kong Money Service Operators Association Limited - All rights reserved  Disclaimer
If you wish to stop receiving messages from the HKMSOA, please unsubscribe by calling (852) 3176 2004 or by emailing to [email protected] (Ref.: ENL-21062017E).