22nd July 2021 – (Hong Kong) Hong Kong Customs yesterday conducted an operation to combat unlicensed money service businesses and discovered that two women had operated a money service without a valid licence, in contravention of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
Acting on information, Customs officers launched an investigation and discovered a grocery shop in Kowloon City and a fashion shop in Sham Shui Po had operated a money service without a valid licence. Customs yesterday conducted enforcement action and found a female shopkeeper offering remittance services without a licence from the Commissioner of Customs and Excise in each of the two shops.
An investigation is ongoing.
Under the AMLO, a person who wishes to operate a remittance and/or money changing service is required to apply for a licence from the Customs and Excise Department. Any person who operates a money service without a valid licence commits an offence. The maximum penalty upon conviction is a fine of HK$100,000 and imprisonment for six months.