Money service operator receives record high fine for breaching customer due diligence, record-keeping requirements and providing false or misleading documents
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During a compliance inspection in March last year, Customs officers found that the company had serious deficiencies in conducting remittance transactions between February and July 2022, including failing to identify and verify the identity of the beneficial owners, failing to record the information of the recipients, failing to conduct ongoing monitoring of the business relationship with relevant remitters, and providing false or misleading documents to Customs officers during the investigation.
Customs welcomes the sentence, noting that the fine imposes a considerable deterrent effect and serves as a clear and definite warning to licensed money service operators who violate the law.
Customs reminds all licensed money service operators to comply with the customer due diligence and record-keeping requirements under the Ordinance. Any person who contravenes the requirements is liable on conviction to a maximum fine of $1 million and imprisonment for seven years. In addition, any licensed money service operator who produces any false or misleading record, document or answer as if they were in compliance with the requirements during compliance inspections commits an offense and is liable on conviction to a maximum fine of $1 million and imprisonment for two years.
Members of the public may report any suspected violations of the Ordinance to Customs' 24-hour hotline 180 8282 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Ends/Friday, November 7, 2025
Issued at HKT 18:05
Issued at HKT 18:05
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