Hong Kong Customs suspends licence of money changer with six shops

2020-03-16

16th March 2020 - (Hong Kong) Hong Kong Customs suspended the licence of a money changer/money service operator (MSO) today for suspected contravention of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

The MSO involved provided money service at six shops in Sham Shui Po, Mong Kok and Cheung Sha Wan. After investigation, Customs officers found that the MSO was suspected to have violated the licensing requirements under the AMLO and have failed to take all reasonable measures to mitigate money laundering and terrorist financing risks, and consequently no longer be a fit and proper person to operate a money service.

Customs officers today issued a notice in writing to the MSO to suspend its licence with immediate effect. Customs has also reminded the MSO to process the outstanding transactions and payments in an appropriate manner. Customs will take appropriate enforcement measures if violation of the Trade Descriptions Ordinance (TDO) by the trader in the course of business is found.

Investigation is ongoing

Source: Dimsum Daily