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Money service operator convicted for operating without licence

1 June 2017

A company proprietor was fined $10,000 today (June 1) at Fanling Magistrates' Courts for operating a money service without a valid licence.

Officers of the Customs and Excise Department (C&ED) found the company proprietor operated a money service between October 2013 and May 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/Thursday, June 1, 2017

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