Laws

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Cap. 615 has been effective from 1 April 2012. Under the “AMLO”, any person who wishes to operate a money service must apply for a licence from the Commissioner of HK Customs.

Please find below the linkage to the three relevant laws:

- Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)

- Organized and Serious Crime Ordinance (Cap. 455)

- United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575)

Under the AMLO, all MSO licencee must keep all documents and records throughout the business relationship with the customer and for a period of six years after the end of the business relationship.

Licencees under AMLO are required to comply with the following requirements. Offenders may be de-licensed, penalized, or even prosecuted.

- Due diligence

- Record keeping

- Ongoing monitoring

- Submit quarterly transaction report

- Report suspicious transaction

Important Noitce

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