Money service operators convicted of operating money service without licence
*****************************************************************************
Customs officers in April last year conducted an investigation and discovered that a female shop owner and a male shopkeeper of a money changer in Kwun Tong had been operating a remittance business after its application for a Money Service Operator licence was rejected. Therefore, they were suspected of operating a money service without a licence.
This is the first custodial sentence imposed among unlicensed money service operator cases and Customs reckons that it has achieved a deterrent effect, with a clear warning issued to unlicensed money service operators.
Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a person who wishes to operate 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 $1 million and imprisonment for two years.
Customs reminds consumers to procure services from licensed money service operators. A register of licensees is accessible from the website of Customs' Money Service Operators Licensing System at eservices.customs.gov.hk/MSOS/wsrh/001s1?request_locale=en.
Members of the public may report any suspected unlicensed money service operation to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Ends/Monday, November 13, 2023
Issued at HKT 18:00
Issued at HKT 18:00
NNNN