Hong Kong Customs takes disciplinary actions against 10 licensed money service operators for breaching licensing requirements
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Officers of the C&ED earlier discovered five MSOs had failed to notify the C&ED of a change in particulars of bank accounts for provision of money service within a specified period of time.
Also, four MSOs had changed their directors or added new premises to operate money service without prior approval from the C&ED. The remaining MSO had failed to display the original licence at the specified premises.
With regard to the abovementioned contraventions, the C&ED has earlier issued written warnings to the 10 MSOs. The department today further took disciplinary actions against them in order to send a deterrent message to the industry. Copies of each Statement of Disciplinary Action are available on the website of the C&ED (eservices.customs.gov.hk/MSOS/common/enforcenew?request_locale=en).
The C&ED reminds all MSOs to comply with the statutory requirements as stipulated in the Ordinance. The maximum penalty upon conviction is a fine of $1 million and imprisonment for seven years.
In addition, the C&ED may take disciplinary action such as issuing a public reprimand, imposing a pecuniary penalty and ordering a remedial action. The pecuniary penalty would not exceed the amount that is the greater of $10 million or three times the amount of the profit gained or costs avoided.
Ends/Thursday, January 9, 2020
Issued at HKT 16:30
Issued at HKT 16:30
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