Woman fined for operating money service without licence

30 Jun 2016

A woman was convicted at Kwun Tong Magistrates' Courts today (June 30) for operating a money service without a valid licence and was fined $25,000.

The woman was found offering a remittance service to customers through an online auction website during a cyber patrol by the Customs and Excise Department (C&ED). Further investigation found that she had been operating a remittance business between November 2015 and June 2016 without a licence from the Commissioner of Customs and Excise.

Under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, which came into effect on April 1, 2012, a person who wishes to operate a remittance and/or money changing service is required to apply for a licence from the C&ED. Any person who operates a money service without a valid licence commits an offence. The maximum penalty on conviction is imprisonment for six months and a fine of $100,000.

Members of the public are urged to report any case of unlicensed money service operation by calling the Customs 24-hour hotline 2545 6182.

Ends/Thursday, June 30, 2016

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