“AMLO Statutory Requirements and Risk Management” course (Cantonese) co-organized by our Association and Institute of Professional Education and Knowledge (PEAK) will be held on 11 April 2019 (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 to arrange and encourage their staff to attend our courses so as to ensure that the staffs understand their responsibilities and to grasp the latest development on Anti-Money Laundering and Counter-terrorist Financing.
The course only costs MSOA Member HK$490 each. To verify the eligibility to the special discount, applicants must enrol 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 convicted of operating money service without licence

Officer of the Customs and Excise Department earlier on patrol discovered a gold and jewellery shop in Yuen Long suspected of operating money service without licence.

A man and a woman were fined $10,000 and $5,000 respectively at Fanling Magistrates’ Courts for operating a money service without a valid licence on 14 February 2019. (Please visit our website “Industry News”)

Our Association would like to remind all Money Service Operators (MSOs) of the legal obligation in filing Suspicious Transaction Reports (STRs). Any person, who knows/suspects that any property

●	Represents drug trafficking or proceeds of crime / terrorist property
●	Was used in connection with, or intended to be used in connection with drug trafficking, indictable offence or terrorist act

Suspicious Transaction Reporting

●	Legal obligation
●	Applied to all
●	Disclosure based on knowledge / suspicion
●	No reporting threshold / compulsory reporting of cross-border transactions
●	Statutory protection from civil / criminal liability
●	Not to disclose details after reporting
●	Source of information kept confidential

Our Association highly encourages Money Service Operators to use e-STRin future STR submission as far as possible. For any suspicious transaction, please make a report to Joint Financial Intelligent Unit (JFIU) as soon as practicable. Failure to report is an offence which is liable to a maximum penalty of HK$50,000 fine and 3 months’ imprisonment.

Hong Kong police have issued a warning to the public to remain vigilant as they have noticed a big jump in counterfeit banknotes being seized in the city.

Police seized 2,966 fake banknotes in 2018, a rise of 57% compared with the number the year before. Police arrested 24 people who were allegedly involved in the production of the counterfeit currency last year. Meanwhile, bank staff, retailers and members of the public called police when they found suspicious banknotes. Read More

The banknote’s death warrant was signed in 2016 when the ECB formally ended its production over concerns it could “facilitate illegal activities”.

From Sunday, central banks in 17 of the 19 euro zone countries were to stop issuing the €500 banknotes. Only the German and Austrian central banks are clinging on a while longer, until April 26, to “ensure a smooth transition”. They will be replaced by lower-denomination bills… Read More

Gold necklace believed to be part of haul was found on pavement nearby.

It was the third burglary reported in Yuen Long district in 24 hours. According to police, the store's rolling shutter had been prised open, and the shop had been ransacked. Officers scouted the area, but no arrests were made... Read More