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Money service operator convicted of operating without licence

25 January 2017

A company and its director were fined $28,000 in total today (January 25) as well as disqualified from holding a Money Service Operator licence for six months and 12 months respectively at Eastern Magistrates' Courts for operating a money service without a valid licence.

Officers of the Customs and Excise Department (C&ED) on patrol found two outlets of the company operated the money service between October 11 and December 4, 2015, 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, January 25, 2017

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