Money service operator convicted of operating without licence

26 Apr 2017

A proprietor of a company was fined $30,000 today (April 26) at Kowloon City Magistrates' Courts for operating a money service without a valid licence.

Officers of the Customs and Excise Department (C&ED) on patrol found that the proprietor of the company operated the money service on February 15, 2017 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 upon conviction is a fine of $100,000 and imprisonment for six months.

Members of the public may report any suspected unlicensed money service operation to the Customs 24-hour hotline 2545 6182.

Ends/Wednesday, April 26, 2017

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