Money service operator convicted of operating without licence

29 Nov 2017

A woman was fined $15,000 in total today (November 29) at Eastern Magistrates' Courts for operating a money service without a valid licence.

Acting on information, officers of the Customs and Excise Department (C&ED) found that the woman had operated the money service between October 6 and November 7, 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 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, November 29, 2017

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