Changes to License Information

According to the Licensing Guide of the HKCE, all MSO licensees are obliged to inform any changes to the license information to the HKCE on a timely basis.  Otherwise, the HKCE can disapprove the relevant change request and impose disciplinary actions onto the licensee.

Changes that require CCE’s prior approval

(a) when there is a person proposing to become licensee’s director

(b) when there is a person proposing to become the licensee’s ultimate owner

(c) when there is a person proposing to become the licensee’s partners

(d) when the licensee wishes to add premises to operate a money service or operate a money service at any particular premises

(e) when the licensee intends to cease to operate a money service or to cease to operate a money service at any of the premises specified in the license

The AMLO provides that a person who, without reasonable excuse, contravenes any of the above requirements commits an offence and is liable on conviction to fine of HK$50,000 and to imprisonment for 6 months. The CCE may also take disciplinary actions under the AMLO for contravention of the AMLO and the licensee could be liable to fine of HK$1,000,000.

Notification of changes in particulars in writing within one month beginning on the date on which the changes takes place

(a) Change in Business / Corporation Name

(b) Change in the Nature of Money Service Business

(c) Change in Principal (Correspondence) Address

(d) Change in Contact Information

(e) Change in Business Premises Information

(f) Change in Telephone and Fax No. of Business Premises

(g) Change in Information of other Business Being run in the Business Premises

(h) Change in Occupants of Domestic Business Premises

(i) Change in particulars of Sole Proprietor / Partners / Directors / Ultimate Owners

(j) Change in Partners / Directors / Ultimate Owners

(k) Change in “Fit and Proper” status of Proprietor / Partner / Director / Ultimate Owner

(l) Change in bank account used for operating money service business

The AMLO provides that a person who, without reasonable excuse, contravenes any of the above requirements commits an offence and is liable on conviction to fine of HK$50,000. The CCE may also take disciplinary actions under the AMLO for contravention of the AMLO and the licensee could be liable to fine of HK$1,000,000.

If you have any questions on the above, please contact us for further details.