“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.

Hong Kong Customs takes enforcement action against non-compliant money changer

The money service operator licence of a money changer was suspended today (March 21) by Hong Kong Customs for suspected contravention of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Customs several months ago received information alleging that three shops of a money changer in Sham Shui Po and Cheung Sha Wan were suspected to have violated the AMLO.

After in-depth investigation and evidence gathering, Customs officers found that the money changer was suspected to have violated the requirements under the AMLO and have failed to take all reasonable measures to mitigate money laundering and terrorist financing risks, and consequently its licensee may no longer be a fit and proper person to operate a money service. (Please visit our website “Industry News”)

●	Our Association, together with 30 Money Service Operators and representatives from Hong Kong Retail Banks had participated in the sharing session on “Bank Account and Maintenance” organized by the Hong Kong Monetary Authority (HKMA) in September 2018
●	Our Association would like Money Service Operators (MSOs) be aware that HKMA had coordinated a list of contact points of 20 retail banks in Hong Kong (Enclosure 1),through which assistance on account application related matters may be provided to the community of MSOs (Enclosure 2)... (Please visit our website "Events")

HK Customs and Excise Department has issued a circular to Money Service Operators in regards to the Non-profit Organisations and Terrorism Financing (Red Flag Indicators).

Australian Transaction Reports and Analysis Centre (“AUSTRAC”) entitled “2018 Nonprofit Organisations & Terrorism Financing Red Flag Indicators”. The report outlines red flag indicators of suspicious financial activity which are valuable tools for detecting potentially illicit behaviour linked to terrorism financing (“TF”), money laundering (“ML”) and other crimes. Various sections of the report are relevant for MSOs to better understand and mitigate TF/ML risks.

MSOs are recommended to review the report carefully to enhance the understanding of NPO &TF red flag indicators and the range of possible approaches that can be adopted, depending on individual MSO’s own situation, risk profile and risk appetite.

SFC has taken action against Guosen Securities (HK) Brokerage Company, Limited over anti-money laundering laws violations. The regulator has imposed a fine of HK$15.2 million on the brokerage and has reprimanded it publicly.

From November 2014 to December 2015, Guosen processed a significant number of third-party deposits with AML red flags without making any enquiries... Read More

The Swiss National Bank's announcement of the new lilac-coloured note, available from March 13, comes as other central banks move away from large notes because of concerns about their use by criminals and money launderers.

Vice Chairman Fritz Zurbruegg told a news conference. "The 1,000 franc note is used for payments and also has a function as a store of value. Cash is still very popular in Switzerland, it is a cultural phenomenon."

Since January this year, 17 of the 19 central banks in the eurozone have stopped issuing 500 euro notes because of concerns they are often used for illegal activities.
Germany's Bundesbank and the Austrian National Bank will continue issuing 500 euro notes until April 26, 2019... Read More

Hundreds of thousands of cash-handling machines across the country have had to be upgraded to handle Canada's distinctive new $10 bill, featuring a vertical portrait of Nova Scotia civil rights advocate Viola Desmond, while some others still awaiting changes are rejecting the distinctive banknotes.

Spencer Baxter, owner of Value Vending Services in Nova Scotia, said his 125 devices simply won't accept the new bills. Upgrading them all, which he has yet to get a chance to do, costs about $10 each excluding driving and labour time to get to the machines at various locations... Read More

Travellers and shippers are now required to declare any cash sum of more than HK$120,000. One sent in currency worth HK$3 billion by air.

Cash worth close to HK$600 billion (US$76.6 billion) has crossed Hong Kong's borders by hand or cargo since a declaration law took effect in mid-July to fight money laundering - and a single shipment carried more than HK$3 billion.

Travellers and shippers are now required to disclose any cash sum of more than HK$120,000, and 12,126 declarations have been made… Read More