Woman fined 20,000 for operating online money transfer business without license


In August last year, Hong Kong Customs investigated a woman who was suspected of using a social platform to operate a remittance business without a license. After in-depth investigation, the Customs found that the remittance business was conducted through the woman's bank account. The woman was convicted of operating a money service without a license and was fined HK$20,000 at the Eastern Magistrates' Courts today (1st).

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.

Source: ON.CC