Hong Kong Customs today (3rd) took disciplinary action against four licensed money service operators for violating statutory requirements stipulated in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including public reprimands and orders to take corrective actions.
Officers earlier discovered that four money service operators failed to comply with the requirements of the Ordinance, including failing to maintain documentary records related to remittance transactions; failing to establish and maintain effective procedures to determine the beneficial ownership of a certain customer or customers. Whether the person is a political figure; and failure to report to Customs within the specified time the details of changes in the bank account used to provide money services.
Secondly, the relevant operators did not maintain document records related to the remittance transaction; and before conducting the remittance transaction, they did not identify and verify the identity of the remitter’s beneficial owner or the authorization to act on behalf of the customer; and furthermore, they established a business relationship with the customer. Failure to identify and verify the identity of the customer or the customer’s beneficial owner, and/or authorization to act on behalf of the customer; failure to record the payee’s address and/or the time of receipt of instructions prior to the remittance transaction; and failure to specify the Notify the Customs and Excise Department of the date of closure of business operations at the premises specified in the license within the time limit. The last issue involved the failure to report to the Customs and Excise Department within the specified time the details of changes in the bank account used to provide money services.
Original URL:on.cc
