Record-keeping |
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| Record-keeping is an essential part of the audit trail for the detection, investigation and confiscation of criminal or terrorist property or funds. Record-keeping helps the investigating authorities to establish a financial profile of a suspect, trace the criminal or terrorist property or funds and assists the Court to examine all relevant past transactions to assess whether the property or funds are the proceeds of or relate to criminal or terrorist offences. |
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| Q1： |
What are the obligations of MSOs in keeping transaction and customer records? |
| A1： |
For transaction records, MSOs should keep the original or a copy of the documents as well as records of data and information obtained in connection with the transaction. Records must be kept for a period of 6 years beginning on the date on which the transaction is completed (Guideline 8.5). For customer records, MSOs should keep the original or a copy of the documents as well as records of data and information obtained in the course of identifying and verifying the identity of the customer or any beneficial owner of the customer. Records must be kept for a period of 6 years beginning on the date on which the business relationship ends (Guideline 8.3). |
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| Q2： |
Do I have to use computer system to operate money service? |
| A2： |
Hong Kong law does not require MSOs to use computer system to operate money service. Needless to say, MSOs using computer with monitoring and warning system to help manage their businesses is cost-effective and meets compliance standards. |
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| Please note: (1) Please proceed to our Forum
of more discussions in relation to Record-keeping; (2) The above information is for reference only. |
