The female owner of a grocery store was fined 5,000 for operating a money transfer business without a license


A female grocery store owner was convicted of operating money services without a license and was fined HK$5,000 at the Kowloon City Magistrates' Courts today (13th).

According to the information, Customs officers conducted an investigation in March last year and found that the female proprietor was still operating a remittance business in a grocery store in Tsz Wan Shan after her application for a money service operator license was rejected. She was suspected of operating money services without a license.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, anyone who wishes to operate remittance and/or currency exchange services must apply for a license from the Customs. Operating money services without a license is an offence. Upon conviction, the maximum penalty is a fine of HK$100,000. and imprisonment for 6 months.

Customs reminds consumers that they should visit licensed money service operators. The register of licensees can be viewed on the website of Customs' Money Service Operator Licensing System.

Source: ON.CC