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Members' Circular
7 September 2016

Dear Members:

Through this Circular, our Association would like to take this opportunity to provide all members the latest updates on Association affairs and information relevant to licensed MSOs:

Anti-Money Laundering Course (Cantonese)

“Customer Due Diligence and Case Studies” course (English) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 13 October 2016 (Thursday night).
Since sufficient staff training is significantly effective in combating money laundering and terrorist financing, and HKC&ED requires MSOs to receive relevant continuous training, our Association encourages MSOs to proactively arrange and encourage their staff to attend our courses. This is also a good opportunity to raise staff’s legal awareness and enhance their knowledge on the required level of compliance.
The course only costs HK$350 for all licensed money service practitioners. For more details or any queries, please visit our website or call our hotline at 3176 2004.

The Crime Prevention Bureau (CPB) of Hong Kong Police Force has recently organised an “Mitigating Crime Seminar for Money Service Operators” to understand and examine the recent criminal cases relating to MSOs, the relevant trends and suggestions to prevent the occurrence of crime:

Premises Layout, Design and Security Devices
● Safes with a time lock to store cash and other valuables
● Signage warning controls such as “Security cameras in use” to deter thieves
Safe Work Procedures - Handling Money
● Make sure cash handling areas are located away from entrances and exits
● Ensure that employees comply with guidelines when making bank deposits, such as “Avoid making bank deposits at nights” and “Vary the time and route for making deposits”
Working Alone Procedures - Working Alone
● Devise an action plan when employee cannot be contacted or does not phone in at appropriate time
● Stay alert and call the police if you see any suspicious activity or people

Is It Possible to Dodge Liability for Anti-Money Laundering?

Dodge, duck, dip, dive, and… dodge. Unfortunately, these five rules apply not only to dodgeball players but also to employees attempting to evade detection as they engage in money laundering and other financial crimes. As unlawful behavior becomes more sophisticated and covert, organizations need to establish adequate controls to detect and eradicate illicit activity. Unfortunately, many financial companies have yet to do so, as a recent report from one Hong Kong regulatory agency revealed...Read More

Robber threatens Hong Kong money changer with grenade, flees with over HK$150,000

A robber fled with more than HK$150,000 in Hong Kong and mainland banknotes from a money exchange shop in Wan Chai after threatening staff with what appeared to be a grenade on Tuesday. Police said the hold-up happened at Hui’s Brothers money exchange shop on the ground floor of Shun Feng International Centre...Read More

The price of becoming Asia’s world city: attracting global trade opens Hong Kong to laundering

As Chief Executive Leung Chun-ying has sought to position Hong Kong as Asia’s world city and a “super-connector” in global trade, the city has also battled notoriety for being a fundraising platform for money laundering and even terrorist activity. Anti-fraud regulations have been imposed by foreign governments over the past few years...Read More

HKMSOA is a non-profit organization. The operations of the Association will need the concerted supports of our industry counterparts in sponsorship and we hope that all of you will support us.

A2/F, Dolford Mansion, 1-3 Chatham Court, Tsim Sha Tsui, Kowloon, Hong Kong
Tel：(852) 3176 2004      Fax：(852) 3010 8582
Email：[email protected]      Website：www.msoa.hk      Skype：hkmsoa

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