Hong Kong Customs takes disciplinary actions against four licensed money service operators for breaching statutory requirements
The Customs and Excise Department (C&ED) today (September 3) took disciplinary actions, including issuing public reprimands and ordering remedial actions, againstfour licensed money service operators (MSOs) for breaching the statutory requirements as stipulated in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
Officers of the C&ED earlier discovered four MSOs failed to comply with the requirements of the Ordinance. One MSO failed to keep the related records of the remittance transaction, and to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person, and to notify the Commissioner of the C&ED of a change in particulars of a bank account for provision of money service within a specific period of time.
One MSO failed to keep the related records of the remittance transactions, and to identify and verify the beneficial owner's identity of the originator or the person's authority to act on behalf of the customer before carrying out remittance transactions.
One MSO failed to identify and verify the customer's identity or the beneficial owner's identity of the customer, and/or the person's authority to act on behalf of the customer, before establishing business relationship with customers, and to record the recipient's address and/or the time of receipt of instruction before carrying out remittance transactions, and to notify the C&ED of the date of cessation of the money service operation at the premises specified in the licence within a specified period of time.
One MSO 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.
With regard to the above-mentioned contraventions, the C&ED has earlier prosecuted the MSOs. The department today further took disciplinary actions against them in order to send a deterrent message to the industry. The relevant Statement of Disciplinary Action is 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 against MSOs. 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 (whichever is the greater).
SCST commences visit to Beijing
The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, commenced her visit to Beijing today (April 2). She called on the Hong Kong and Macao Affairs Office of the State Council (HKMAO) and the General Administration of Sport of China (GASC).
Miss Law briefed the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO, Mr Xia Baolong, on the major work in the last four months and future plans of the Culture, Sports and Tourism Bureau (CSTB). She expressed sincere gratitude to Mr Xia and the HKMAO for their guidance and unwavering support. Mr Xia encouraged the Secretary to lead the CSTB in taking forward its duties by staying principled and innovative, to utilise the rich local resources in tourism in particular and pursue innovation, with a view to telling the good stories of Hong Kong.
Also joining the visit to Beijing are the Permanent Secretary for Culture, Sports and Tourism, Ms Vivian Sum; the Commissioner for Tourism, Mrs Angelina Cheung; the Head of the National Games Coordination Office (Hong Kong), Mr Yeung Tak-keung; the Director of Leisure and Cultural Services, Ms Manda Chan; the Deputy Secretary for Culture, Sports and Tourism, Miss Winnie Tse; the Commissioner for Sports, Mr George Tsoi; and the Commissioner for Cultural and Creative Industries, Mr Victor Tsang.
Accompanied by the delegation, Miss Law called on the Minister of the GASC, Mr Gao Zhidan, and briefed him on the preparatory work of the 15th National Games and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games in Hong Kong. Asserting that the Government of the Hong Kong Special Administrative Region attaches great importance to the mega sports event co-hosted by Guangdong, Hong Kong and Macao for the first time, Miss Law said not only does it demonstrate Hong Kong’s ability in hosting major sports events, but it also deepens collaboration between the three places and promotes development of the Greater Bay Area, laying the foundation for hosting more mega events in future.
In the afternoon, Miss Law and the delegation visited the Museum of the Communist Party of China (CPC) and met with the Director of the Museum, Mr Li Zongyuan. Miss Law said it was the second time she visited the Museum and she had a stronger impression this time. Noting that Hong Kong is planning for the construction of a museum to showcase the development and achievements of the country, Miss Law said the content of the Museum of the CPC’s permanent exhibition matches with one of the themes about the CPC’s history and development in the museum-in-planning. She hoped that support and professional guidance from the Museum of the CPC could be given in future exhibitions and collaborations.
At night, Miss Law and some members of the delegation watched a performance by Wiener Symphoniker at the National Centre for the Performing Arts to experience high-level arts and cultural exchanges.
Miss Law and the delegation will continue their visit to Beijing tomorrow (April 3).
SCST commences visit to Beijing Source: HKSAR Government Press Releases
SCST commences visit to Beijing Source: HKSAR Government Press Releases
SCST commences visit to Beijing Source: HKSAR Government Press Releases
