Transitional arrangements for the licensing system for money service operators to be completed on May 30

Remittance agents and/or money changers who wish to continue operating money services business after May 30 this year，They must submit an application for a money services operator license to the Commissioner of Customs and Excise on or before May 30。

A spokesman for the Hong Kong Customs and Excise Department said today (May 20)，Hong Kong Customs has established the Money Services Supervision Bureau to handle the licensing system for money service operators，and supervise licensees to comply with statutory requirements under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) (Anti-Money Laundering Ordinance)

Require

situation。Money Services Supervision Bureau The Anti-Money Laundering Ordinance came into effect on April 1, 2012，Accepting applications for money services operator license。

The Anti-Money Laundering Ordinance provides transitional arrangements for those who have registered with the Joint Financial Intelligence Unit of the Hong Kong Police Force as remittance agents and/or money changers。They can continue to operate their business until May 30, 2012，or if they submit their license application during the transition period (i.e. on or before May 30, 2012)，then the application is approved、Before rejecting or withdrawing the application，can continue to operate its business。

The spokesman said: "Remittance agents and/or money changers，If you have not yet applied for a money services operator license and intend to continue operating your business，Applications must be submitted as early as possible and before the deadline expires on May 30, 2012。」

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