Anti-Money Laundering Course (Cantonese)

“AMLO Statutory Requirements” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 30 November 2017 (Thursday night). Since sufficient staff training is significantly effective in combating money laundering and terrorist financing, and HKC&ED requires MSOs to receive relevant AML continuous training, our Association encourages MSOs to proactively participate as well as 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 MSOA Member HK$380 each. To verify the eligibility to the special discount, applicants must enroll in the course through the Hong Kong Money Service Operators Association. For more details or any queries, please visit our website or call our hotline at 3176 2004.

The Hong Kong Police Force set up the “Anti-Deception Coordination Centre (ADCC)” in July to step up combat actions against deception and increase awareness of various kinds of scams. ADCC operates an all-day enquiry hotline, “Anti-Scam Helpline 18222” to provide immediate consultation for the general public and enhance support to frontline units of the Force.

Our Association reminds all Money Service Operators (MSOs) and frontline staff that when they encounter any suspicious cases, they can immediately call the enquiry hotline 18222 for timely support to those in needs.

The HKC&ED has recently organised an “Anti-Money Laundering Seminar”. Topics of the seminar include New Trend of Telephone Deception, Suspicious Transaction Reporting, Licensing Requirements, Risk Identification, Customer Due Diligence (CDD), Ongoing Monitoring and Record Keeping. Highlights include the following:

Telephone Deception: The number of telephone deception cases rose to more than 600 in the first half of 2017, involving amount over HKD1.7 million. More than 90% of the cases involve transfer/ remittance to mainland bank accounts of fraudster or victims through local MSOs. MSOs play an important gatekeeping role in assisting in combating telephone deception. If all frontline staff raise their alertness to identify suspicious transaction, victims and fraudsters, the chances of fraudster committing crime and the loss of victims can both be reduced.

Quality Suspicious Transaction Reports (STRs): MSOs should adopt formats with headings and list out the contents of STRs in a concise and clear manner. The report should clearly explain the triggering factors, background of person or company concerned, details of transactions, relevant background reports, etc. Clear and precise information can improve the efficiency of the police investigation and their opportunity to successfully solve the case.

Money service operator convicted of operating without licence

A company and its two staff members were fined $16,000 in total today (August 28) at West Kowloon Magistrates' Courts for operating a money service without a valid licence.

Acting on information, officers of Customs and Excise Department (C&ED) found the company and its two staff members operated the money service between August 9 and August 17, 2016 without a licence from the Commissioner of Customs and Excise...Read More

Gone in 30 seconds: trio steals HK$1 million from car after distracting Hong Kong driver and passenger

A gang of thieves in Hong Kong took less than 30 seconds to make off with HK$1 million in cash from a car on Tuesday night after executing a well-coordinated ruse to trick two victims into leaving their vehicle. On Wednesday afternoon, police were still searching for three men – believed to be white – in connection with the incident that happened at a garage… Read More

Making it easier to open bank accounts

The Hong Kong Monetary Authority is to ease the process for people opening personal and corporate accounts with financial institutions by removing address verification requirements.

That comes with it acting on feedback, the authority says, and it means financial institutions can collect address information of customers and/or beneficial owners without a need for other documentary evidence...Read More

Nearly four tonnes of smuggled cash found in Chinese warehouse

Police in southern China have busted a smuggling case involving nearly four tonnes of banknotes and coins from 38 countries, according to a newspaper report. One million notes and 1.32 million coins were seized in a storehouse in the Luohu district of Shenzhen in a raid late last month, the Legal Daily reported ...Read More