{"id":1668,"date":"2024-09-05T06:36:46","date_gmt":"2024-09-05T06:36:46","guid":{"rendered":"https:\/\/tycompliance.com\/?p=1668"},"modified":"2026-10-15T06:37:15","modified_gmt":"2026-10-15T06:37:15","slug":"customs-penalizes-four-non-compliant-msos","status":"publish","type":"post","link":"https:\/\/tycompliance.com\/zh\/customs-penalizes-four-non-compliant-msos\/","title":{"rendered":"Customs Penalizes Four Non-Compliant MSOs"},"content":{"rendered":"<h2><strong>Customs Penalizes Four Non-Compliant MSOs<\/strong><\/h2>\n<p>In September 2024, Hong Kong Customs took formal disciplinary actions against four MSOs for statutory CDD and transactional breaches.<\/p>\n<p>&nbsp;<\/p>\n<p>On September 3, 2024, the Hong Kong Customs and Excise Department (C&amp;ED) announced formal disciplinary actions against four licensed Money Service Operators (MSOs) for failing to meet statutory requirements under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). The enforcement outcome highlighted recurring operational lapses discovered during routine on-site inspections conducted by Customs officers.<\/p>\n<p>The identified violations spanned foundational AML requirements, including failure to perform proper Customer Due Diligence (CDD) prior to executing remittances, failure to verify the identity of individuals acting on behalf of customers, and inadequate record-keeping. Additionally, operators failed to submit accurate transaction information or notify the C&amp;ED of changes in their business operations within statutory deadlines.<\/p>\n<p>The C&amp;ED imposed public reprimands and ordered remedial actions, reminding licensees that maximum pecuniary penalties can reach up to HK$10 million or three times the profit gained or costs avoided.<\/p>\n<p>For compliance officers, these penalties demonstrate that Customs actively checks whether day-to-day cashier counters strictly enforce identity verification protocols. MSOs cannot treat CDD as a post-transaction check; front-line staff must be trained to decline remittances whenever customer verification data remains incomplete at the point of transfer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In September 2024, Hong Kong Customs took formal disciplinary actions against four MSOs for statutory CDD and transactional breaches.<\/p>\n","protected":false},"author":1,"featured_media":1678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_monsterinsights_skip_tracking":false,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mso"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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