Man convicted of operating money service online without licence

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10th August 2022 – (Hong Kong) A man was fined HK$4,000 today at Eastern Magistrates’ Courts after being convicted of operating a money service without a valid licence. 

 In June last year, Customs officers initiated an investigation against a man who was suspected of operating a remittance business without a licence via a social media platform. After an in-depth investigation, Customs officers discovered that the man used his personal bank account to operate the remittance business. 

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a person who operates a remittance or money changing service needs to first obtain a licence from the Customs and Excise Department. The maximum penalty for such operators without a valid licence upon conviction is a fine of $100,000 and imprisonment for six months. 

Customs reminds consumers to procure services from licensed money service operators. A register of licensees is accessible from the website of Customs’ Money Service Operators Licensing System at eservices.customs.gov.hk/MSOS/wsrh/001s1?request_locale=en.

Members of the public may report any suspected unlicensed money service operation to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account ([email protected]).

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