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Money service operator receives record high fine for breaching customer due diligence, record-keeping requirements and providing false or misleading documents
A money service operator license holder was convicted by the Eastern Magistrates' Courts on November 4 for failing to comply with customer due diligence and record-keeping requirements, and providing false or misleading documents to Customs officers under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Ordinance). The company was fined a total of $328,000, the highest fine on record among similar cases. During a compliance inspection in March last y
Nov 232 min read
Banking (Amendment) Ordinance 2025 to commence operation on November 3
The Government published in the Gazette today (September 5) the Banking (Amendment) Ordinance 2025 (Commencement) Notice to appoint November 3 as the commencement date for the Banking (Amendment) Ordinance 2025 (23 of 2025) (the Ordinance) to come into operation. The Ordinance was gazetted on June 13. The Ordinance introduces a voluntary mechanism for banks and relevant law enforcement agencies to share with each other, swiftly and safely via electronic means, informatio
Nov 31 min read
Mastermind of illegal e-cigarettes trade syndicate and logistics staff among eight charged by ICAC with bribery over product delivery
Following an operation codenamed “Heron” and seeking legal advice after conducting an intensive investigation which revealed that a syndicate engaged in the illegal sale of electronic cigarettes (e-cigarettes) had allegedly delivered e-cigarettes and vaping products to customers through corrupt means, the ICAC today (October 13) charged eight people, including the mastermind of the syndicate and staff members of a logistics company, with total bribes amounting to about $370,0
Oct 193 min read
Police sergeant among six charged by ICAC as graft probe reveals $3m commissions fraud
The ICAC charged six individuals on Monday (October 6) after a corruption investigation revealed that a Police Sergeant, together with an...
Oct 123 min read
Ex-bank employee and intermediary charged by ICAC with bribery over account opening
A former bank employee and an intermediary were charged by the ICAC yesterday (October 2) for allegedly conspiring together to accept...
Oct 52 min read
Ex-bank manager admits role in JPY400m investment fraud revealed in ICAC corruption probe
An ICAC corruption investigation revealed that an illegal syndicate, with the assistance of bank officers in signing and issuing false...
Aug 173 min read
Four then bank employees and intermediaries charged by ICAC with bribery over account opening
Two then bank employees and two intermediaries were charged by the ICAC yesterday (June 25) for allegedly conspiring together to accept...
Jul 62 min read
ICAC graft probe cracks $4.6m dummy agents insurance commissions fraud case, leading to four jailed for 12 to 32 months
An ICAC corruption investigation earlier revealed that an assistant manager of an insurance company had recruited dummy agents to defraud...
Jun 153 min read
Ex-bank manager faces bribery charge laid by ICAC for accepting cryptocurrency worth US$470,000 for authenticating false instruments
The ICAC had earlier charged two former bank managers for allegedly conspiring with an employee of a fintech company to use various false...
Jun 92 min read
Insurance agent charged by ICAC receives 51 months’ jail for $1.6m commissions fraud over bogus policies
An ICAC investigation earlier revealed that an insurance agent had defrauded an insurer of commissions and bonuses totalling over $1.6...
Jun 12 min read
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