Operation against unregistered remittance agents and money changers
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Police yesterday (April 22) arrested six men and four women in an operation mounted against suspected unregistered remittance agents and money changers.

The operation codenamed "FALCON" was conducted by the Financial Investigations Division of Narcotics Bureau (FI NB). It was aimed at fighting against remittance agents and money changers for their failure to verify customers' names and identities and keep proper records of transactions of $HK8,000 or above (or equivalent to other foreign currencies). Decoy officers were deployed for the first time to take part in the operation of such nature.

FI NB officers arrested six men and four women, aged from 19 and 60, for allegedly failing to register as remittance agents or money changers, verifying customers' names and identities and keeping proper records of transactions. They had been released on bail pending further enquiries.

According to section 24B of the Organized and Serious Crimes Ordinance (OSCO), a person who becomes a remittance agent or money changer shall, not later than one month after so becoming a remittance agent or money changer, send a notice in writing to the Chief Superintendent of the Narcotics Bureau of the Hong Kong Police Force, the particulars required to be included in the register under OSCO.

Under section 24C of OSCO, staff of remittance agents and money changers are required to record and retain detailed records of transactions of HK$8,000 or above (or its foreign currencies equivalent) and to verify the names and identities of all customers by reference to their certificates of identity in person. They are also required to keep the record for not less than 6 years after the date of the transaction notwithstanding that the remittance agent or money changer may have ceased the business subsequent to the transaction.

Since the legislation came into effect in 2000, Police had prosecuted 109 unregistered remittance agents and money changers and 147 remittance agents and money changers who have failed to retain their transaction records.
For the guidelines and legal requirements contained in the OSCO, members of the public may visit the JFIU website at www.jfiu.gov.hk.

Police Report No.
Issued by PPRB

Ends/ Thursday, April 23, 2009