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Members' Circular
26 January 2015

Dear Members:

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

"Customer Due Diligence and Case Studies" Course (English)

"Customer Due Diligence and Case Studies" course (English) will be jointly held by our Association and PEAK on 5 February (Thursday) evening. Besides effectively preventing and detecting money-laundering/terrorist-financing activities, staff training is also one of the crucial elements in increasing one's competitiveness. Our Association encourages licensed MSOs to participate proactively and take this opportunity to strengthen your staff's legal awareness and knowledge in enhancing compliance standard.

Our Association welcomes money service practitioners and related persons to attend the course. The course only costs HK$200 for all money service practitioners. Seats are limited......Read more

Survey on Money Service Operators issued by HKC&ED

Subsequent to the Questionnaire on the statutory & regulatory requirements under the AMLO, the HKC&ED recently issued the Survey on MSOs which aims to evaluate the training needs of licensed MSOs and current cooperation with them as well as help them to formulate strategies to assist money service sector, in complying with the statutory and regulatory requirements under AMLO. All licensed MSOs should complete and return the survey within 10 days upon receipt.

Please feel free to contact us for your previous training records at our Association.

Meeting with Money Service Supervision Bureau

Our Association met with the Money Service Supervision Bureau of the HKC&ED to understand and discuss recent issues related to licensed money service operators. Discussion addressed the following:

-  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.
-  Recent news reported that criminals lured foreign domestic helpers through social networking websites, smartphone social applications and at weekend gathering locations into opening bank accounts to assist in money laundering and drug trafficking. Our Association calls upon licensed MSOs to perform compliance checking accordingly, of which includes obtaining understanding from customers reasons for remittance and submitting suspicious transaction reports reporting immediately to JFIU upon detection of abnormal or suspicious activities.
-  Licensed MSOs are reminded to provide staff regular training on AML, especially on verification of source of fund, conduct more stringent due diligence, identify and confirm beneficiary owner, identify PEPs and report suspicious transactions. This can help licensed MSOs comply with legal requirements and effectively manage relevant risks......Read More

Hong Kong crime rings targeting naive maids

Organised crime gangs are using social media and a physical presence in Hong Kong's public spaces to coerce domestic helpers to engage in money laundering and drug smuggling......Read More

HKMA to tighten screws on money laundering at banks

Hong Kong authorities are expected to crack down harder on money laundering this year, as it continues to be a serious problem among smaller banks in the city and on the mainland......Read More

Hong Kong Customs allowed to confiscate $112 million worth of properties involved in suspected transnational money laundering

Hong Kong Customs successfully obtained a Confiscation Order under the Organized and Serious Crimes Ordinance from the Court of First Instance on December 30, 2014, to confiscate $112 million worth of properties in Hong Kong and Singapore in connection with a suspected case of money laundering......Read More