HK Customs and Excise Department – Seminar for MSOs (2014/09/03)

The HK Customs and Excise Department (“HKCE”) held an AML Seminar for MSO on 2014/09/03.  During the seminar, HKCE, HK Police and JFIU provided useful information and latest development news on AML / CTF.  In particular, they provided effective red flags to identify “telephone scam”.  JFIU also encouraged MSOs to submit Suspicious Transaction Reports on any suspicious person / activities in order to protect the MSOs and the general public.

In addition, HKCE and HK Police drew special attention to the below issues:

1. MSO renewal application must be submitted at least 45 days before the license expiry date.  Otherwise, the license will expire on the expiry date and a new license must be applied separately.  Important note: It is illegal to carry out money service without a license!

2. As FATF will be coming to HK to assess the AML policy and implementation of the MSO industry, HKCE will soon issue a relevant questionnaire to MSOs in HK.  HKCE encouraged all MSOs to get prepared and actively respond to the questionnaire.

3. HKCE emphasized that the “Policy Statement on Anti-Money Laundering and Counter-Terrorist Financing (Template)” is for reference only.  MSOs should tailor-made a detailed and appropriate AML policy and procedure based on their own circumstances. 

If you have any questions regarding the above, please feel free to contact us.