A male employee was convicted of operating money services without a license and was fined HK$10,000 at the Tuen Mun Magistrates' Courts today (18th). In May last year, Customs officers found a male staff member of a money changer in Tin Shui Wai, who was still operating a currency exchange business there after the shop's money service operator licence expired.
According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, anyone who wishes to operate remittance and/or currency exchange services must first obtain a license from the Customs, otherwise the unlicensed operator, upon conviction, can be fined up to HK$100,000 and imprisoned for 6 months. Customs reminds consumers to patronize licensed money service operators.
Source: ON.CC
