A woman was fined $10,000 today (March 5) at West Kowloon 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 April 5 and October 7, 2016, without a licence from the Commissioner of Customs and Excise.
Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, 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/Monday, March 5, 2018