Anti-Money Laundering Course (Cantonese)

“Ongoing-Monitoring and Case Studies” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 19 January 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.

Money service operator fined for contravention of customer due diligence requirements

A partner of a licensed money service operator was fined $24,000 in total today (October 3) at the Eastern Magistrates’ Courts after being convicted of 12 charges of failing to comply with the customer due diligence requirements as stipulated in the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance...Read More

Our Association has written to the Hong Kong Consulate General of India in hoping the Government of India can offer assistance

As the Government of India has recently announced the demonetisation of 500 and 1,000 Rupee banknotes as well as the issuance of new 500 and 2,000 Rupee banknotes. If an individual deposits a large amount of notes into banks, he or she will become the subject of investigation by the tax department of India. Our Association has written to the Hong Kong Consulate General of India in hoping the Government of India can offer assistance to licensed Money Service Operators. The Hong Kong Consulate General of India has responded that regarding the demonetised Rupee banknotes, a high-level inter-ministerial committee has been formed in exploring the matter. Further updates will be provided when the committee has come up with the relevant recommendations. Our Association suggests all licensed Money Services Operators (MSOs) to keep in view of the latest updates of the issue.

Hong Kong woman loses HK$8 million in phone scam after transferring money to bank in mainland China

A Hong Kong woman lost about HK$8.2 million in a phone scam last month for which she was told to open a bank account in mainland China. The 51-year-old female resident of Discovery Bay, identified only as Joyce, said she had received a phone call from a man claiming to be a law enforcer who told her she had been involved in a criminal case...Read More

Banks and ATMs shut after India pulls 500 and 1,000 rupee notes in shock move to fight crime

India will issue new bank notes Thursday after Prime Minister Narendra Modi ordered the withdrawal of 500 and 1,000 rupee notes from circulation in a shock announcement designed to tackle widespread corruption and tax evasion. Modi said that while people could exchange their old notes for new bills at banks or post offices until the end of the year, or deposit them in their accounts...Read More

Worst fakes ever? Sharp rise in HK$100 bills made with basic ink-jet printers ... on A4 paper

Police warned the public about low quality, fake banknotes in small denominations yesterday, as the number of HK$100 counterfeits jumped more than four times in the first nine months of this year from the same period last year. The fakes, which grew to 923 pieces from 221, were made on ink-jet printers at the homes of individual conmen...Read More