Money service operator convicted of operating without licence

2022-07-27

27th July 2022 – (Hong Kong) A female shopkeeper of a money changer was fined HK$10,000 today at Kowloon City Magistrates’ Courts after being convicted of operating a money service without a valid licence.

In July last year, Customs officers found that a female shopkeeper had been operating a remittance business at a money exchange shop in Sham Shui Po after expiry of the money service operator licence.  

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a person who operates a remittance or money changing service needs to first obtain a licence from the Customs and Excise Department. The maximum penalty for such operators without a valid licence upon conviction is a fine of $100,000 and imprisonment for six months.

Source: Dimsum Daily