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Enforcement News

HKC&ED News – Enforcement News

Under The Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Chapter 615 (AMLO) ,the duties of the Commissioner of Customs & Excise (CCE) include regulating Money Service Operators (MSOs) (i.e. Remittance Agents and Money Changers) and supervising licensed MSOs' compliance with the customer due diligence and record-keeping obligations and other licensing requirements, as well as combating unlicensed operation of money service. Under the AMLO,the CCE may exercise any one or more of the powers to anyone contravening any regulation made under the AMLO:

  • To publicly reprimand the licensee
  • To order the licensee to take, by a date specified by the Commissioner, any action specified by the CCE for the purpose of remedying the contravention; and
  • To order the licensee to pay a pecuniary penalty not exceeding $1,000,000

Our Association suggests that if licensed Money Service Operators would like to know more about the AMLO, please call the HKC&ED hotline for enquiry or visit the HKC&ED website. They can also participate in the courses organised by our Association to gain more knowledge about the relevant laws and regulations.


Relevant Enforcement News:

Date Subject
15 October 2019 Money service operator convicted of operating without licence
25 September 2019 Statement of Disciplinary Action
22 Agustus 2019 Money service operator convicted of operating without licence
20 June 2019 Money service operator convicted of operating without licence
15 May 2019 Money service operator convicted of operating without licence
24 April 2019 Money service operator convicted of operating without licence
21 March 2019 Hong Kong Customs takes enforcement action against non-compliant money changer
14 February 2019 Money service operator convicted of operating without licence
05 October 2018 Hong Kong Customs combats unlicensed money service business
24 May 2018 Hong Kong Customs combats money service operation without licence
26 April 2018 Hong Kong Customs combats money service operation without licence
13 March 2018 Money service operator convicted of operating without licence
06 March 2018 Money service operator convicted of operating without licence
29 December 2017 Statement of Disciplinary Action
15 December 2017 Money service operator convicted of operating without licence
05 September 2017 Money service operator convicted of operating without licence
07 June 2017 Money service operator convicted of operating without licence
10 February 2017 Money service operator convicted of operating without licence
19 January 2017 Money service operator convicted of failing to comply with customer due diligence and record-keeping requirements
07 October 2016 Money service operator fined for contravention of customer due diligence requirements
05 July 2016 Woman fined for operating money service without licence
12 April 2016 Money service operator convicted for breaching licensing requirements
25 November 2015 Statement of Disciplinary Action
03 July 2015 Money service operator convicted for contravention of customer due diligence requirements
19 June 2015 Money service operator convicted for contravention of record-keeping requirements
27 February 2015 Money service operator convicted for operation after expiry of licence
27 February 2015 Suspended Sentence for Operating Money Service Without Licence


Reference:



Please note: (1) Please proceed to our Forum of more discussions in relation to MSO; (2) The above information is for reference only.