Hong Kong Customs takes disciplinary actions against three licensed money service operators for breaching licensing requirements
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Officers of the C&ED earlier discovered the three MSOs had failed to record the time of receipt of the instruction and the recipient's address before carrying out a remittance transaction or failed to notify the C&ED of a change in the particulars of ultimate owners or bank accounts for provision of money service within a specified period of time in accordance with the requirements of the Ordinance.
With regard to the above-mentioned contraventions, the C&ED has earlier prosecuted the three MSOs. The department today took further disciplinary actions against them in order to send a deterrent message to the industry. The relevant Statement of Disciplinary Action is available on the website of the C&ED (eservices.customs.gov.hk/MSOS/common/enforcenew?request_locale=en).
The C&ED reminds all MSOs to comply with the statutory requirements as stipulated in the Ordinance. The maximum penalty upon conviction is a fine of $1 million and imprisonment for seven years.
In addition, the C&ED may take disciplinary action such as issuing a public reprimand, imposing a pecuniary penalty and ordering a remedial action. The pecuniary penalty would not exceed the amount that is the greater of $10 million or three times the amount of the profit gained or costs avoided.
Ends/Friday, February 18, 2022
Issued at HKT 11:45
Issued at HKT 11:45
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