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Remittance agents and money changers will, from tomorrow (January 26), be required to verify customers' identities and record transactions of $8,000 and above.
The new requirements are designed to meet the new international standard related to combating money laundering and financing of terrorism.
Customers are required to produce their Hong Kong Identity Card (or Certificate of Identity, Document of Identity or travel document) to the remittance agent or money changer for verification, and provide their address and telephone number when remitting or exchanging $8,000 or more.
The same requirements apply if the customer is receiving a remittance of $8,000 or above.
Under the amended Organised and Serious Crimes Ordinance (Cap. 455), the remittance agent or money changer is prohibited from carrying out transactions of $8,000 (or its equivalent in any other currency) or above without verifying the customer's identity and recording his/her information.
Remittance agents are also required to record and retain the particulars of the sender and the instructor of any remittance transaction if the two are not the same person.
"We strongly encourage remittance agents to take an additional step to include the sender's information in the message accompanying the remittance. This will facilitate remittance agents to conduct remittances smoothly to countries that require such information to be attached," the Commissioner for Narcotics, Ms Sally Wong, said.
The new requirements are to enhance the effectiveness of Hong Kong's anti-money laundering and counter-terrorist financing regime. It is also an active response to Special Recommendation VII of the Financial Action Task Force on Money Laundering, which is the international anti-money laundering standard-setter.
"We count on the co-operation of the remittance agents, money changers, and the public in this fight against money laundering and terrorist financing," Ms Wong said. "Everyone should raise their awareness of suspicious transactions and report them to the Joint Financial Intelligence Unit."
People who want to know more about the requirements can obtain a copy of the publicity flyer at remittance and money changing agents. Posters and stickers are on display at these agents to remind people of the new requirements. More information can also be obtained from the website of the Narcotics Division (http://www.nd.gov.hk/moneylaundering.htm).
Ends/Thursday, January 25, 2007
Issued at HKT 14:00
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