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：
Reference：
- Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions Ordinance)(Chapter 615 of the Laws of Hong Kong)
- Guidline on Anti-Money Laundering and Counter-Terrorist Financing (For Money Service Operators) (November 2018)
- Disciplinary Action Guidelines as to the Imposition of a Pecuniary Penalty (April 2018)
- Disciplinary Fining Guideline (May 2018)
- Licensing Guide (August 2021)