HK watchdog takes disciplinary action against 33 Financial Services Limited

The Hong Kong Monetary Authority (HKMA) announces the completion of an investigation and disciplinary proceedings for 33 Financial Services Limited (33FS) under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO).

The regulator has reprimanded and ordered 33FS to pay a pecuniary penalty of HK$875,000 for contravening section 8Q of the PSSVFO as it failed to fulfill the minimum criterion relating to anti-money laundering and counter-terrorist financing measures under section 6(2)(b) of Part 2 of Schedule 3 to the PSSVFO.

The disciplinary action follows an on-site examination and further investigation by the HKMA which found that, during the period from November 2016 to June 2019, 33FS failed to have in place adequate and appropriate systems of control to comply with the relevant paragraphs of the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) for Stored Value Facility (SVF) Licensees.

Specifically, the contravention relates to deficiencies in 33FS’ systems of control in two areas, namely:

  • (a) continuously monitoring business relationships in respect of transaction monitoring; and
  • (b) implementing an effective name screening mechanism.

In deciding the disciplinary action, the regulator took into account a variety of factors, including the seriousness of the investigation findings and the need to send a clear deterrent message to 33FS and the industry about the importance of effective controls and procedures to address money laundering (ML) and terrorist financing (TF) risks.

Ms Carmen Chu, Executive Director (Enforcement and AML) of the HKMA, said,

“While the majority of the SVF sector is characterised by lower ML/TF risks in view of the business nature, higher risk situations may emerge as business scale and scope develop, such as prepaid cards being misused for cash withdrawals funded by third-party’s (non-cardholders’) deposits.

All SVF licensees are expected to make reference to the lessons learnt from this case as well as the guidance provided by the HKMA in the Guideline and circulars in their ongoing efforts to have in place effective AML/CFT systems of control for identifying, assessing and managing ML/TF risks, especially when encountering higher ML/TF risk situations.”

174 Replies to “HK watchdog takes disciplinary action against 33 Financial Services Limited”

  1. I read your article carefully, it helped me a lot, I hope to see more related articles in the future. thanks for sharing.

  2. At the beginning, I was still puzzled. Since I read your article, I have been very impressed. It has provided a lot of innovative ideas for my thesis related to gate.io. Thank u. But I still have some doubts, can you help me? Thanks.

  3. Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.

  4. Today, while I was at work, my cousin stole my iPad and tested to see if it can survive a
    40 foot drop, just so she can be a youtube
    sensation. My iPad is now broken and she has 83 views.
    I know this is completely off topic but I had to share it
    with someone!

    Take a look at my site; is pro nerve 6 legit

  5. My brother recommended I may like this blog. He was once entirely right.This put up truly made my day. You cann’t believe just how a lot timeI had spent for this information! Thanks!

  6. Everyone loves what you guys are up too. This type of clever work and reporting! Keep up the good works guys I’ve added you guys to our blogroll.

  7. Hey very nice blog!! Mann .. Excellent .. Amazing ..I will bookmark your blogg and take the feeds also…I’mhappy too find numerous useful information here in the post,we need work out more techniques in this regard, thanksfor sharing. . . . . .

  8. I savour, cause I discovered just what I was looking for. You have ended my four day long hunt! God Bless you man. Have a great day. Bye

  9. This is a great tip especially to those fresh to the blogosphere. Simple but very accurate information… Appreciate your sharing this one. A must read article!

  10. What抯 Happening i am new to this, I stumbled upon this I have found It positively useful and it has helped me out loads. I hope to contribute & help other users like its helped me. Great job.

  11. When someone writes an piece of writing he/she maintainsthe thought of a user in his/her brain that how a user can understand it.Therefore that’s why this post is perfect. Thanks!

  12. Hello there! I could have sworn Iíve been to your blog before but after looking at a few of the posts I realized itís new to me. Regardless, Iím definitely happy I found it and Iíll be book-marking it and checking back regularly!

  13. Great awesome things here. I¡¦m very glad to look your post. Thanks so much and i’m having a look forward to contact you. Will you please drop me a mail?

  14. whoah this blog is excellent i love reading your articles.Keep up the great work! You understand, many personsare looking round for this info, you can aid them greatly.my blog post; best low carb diet

  15. Hi! I’m at work surfing around your blog from my new iphone4! Just wanted to say I love reading yourblog and look forward to all your posts! Keep up the great work!

  16. It’s really a nice and helpful piece of info.I am glad that you simply shared this useful info with us. Please stayus up to date like this. Thanks for sharing.

  17. Hey! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in thesame niche. Your blog provided us valuable information to work on.You have done a outstanding job!

  18. I do trust all the ideas you have presented in your post. They’re really convincing and can certainly work. Still, the posts are very brief for novices. May you please extend them a bit from next time? Thank you for the post.

  19. Hello friends, how is the whole thing, and what you want to say concerning this paragraph, in my view its truly remarkable for me.

  20. Thank you for the auspicious writeup. It in fact was aamusement account it. Look advanced to more added agreeable from you!However, how could we communicate?

  21. Greetings! This is my first visit to your blog! Weare a team of volunteers and starting a new project in a community in the same niche.Your blog provided us useful information to work on. You have done a wonderful job!

  22. UFABET เว็บพนันบอลออนไลน์ ยอดนิยมที่มีบุคคลที่ใช้งานมากที่สุดช่วงนี้ เพราะเราเป็นลำดับแรกๆหัวข้อการบริการ รวมถึง ความยั่งยืนทางด้านการเงิน แถมมี คาสิโนออนไลน์ไว้ให้บริการทั้งยัง สล็อต บาคาร่า และ เกมออนไลน์อีกเยอะแยะ

  23. It’s The truth is an incredible and useful piece of information. I am happy that you simply shared this valuable details with us. Remember to keep us up-to-date such as this. Many thanks for sharing.

  24. I will immediately take hold of your rss as I can’t to find your e-mail subscription hyperlink or newsletterservice. Do you have any? Please permit meunderstand so that I may subscribe. Thanks.

  25. Greetings! This is my first visit to your blog!We are a collection of volunteers and starting a new projectin a community in the same niche. Your blog provided us beneficialinformation to work on. You have done a outstanding job!

  26. Hey there! I could have sworn I’ve been to this blog before but afterchecking through some of the post I realized it’s new to me.Anyhow, I’m definitely delighted I found it and I’ll be bookmarkingand checking back often!

  27. Thank you for some other informative blog. Where else may just I am getting that kindof info written in such an ideal approach? Ihave a undertaking that I’m just now running on, and I havebeen on the glance out for such info.

  28. I do agree with all the ideas you’ve presented in your post. They are really convincing and will certainly work. Still, the posts are too short for starters. Could you please extend them a bit from next time? Thanks for the post.

  29. I blog frequently and I really appreciate your content. This article has really peaked my interest. I’m going to book mark your blog and keep checking for new information about once per week. I opted in for your Feed too.

  30. It’s actually very complicated in this full of activity life to listen news on Television, thus Ionly use internet for that purpose, and take the most recent information.Also visit my blog lose weight quickly

  31. A fascinating discussion is worth comment. I do think that you ought to write more on this subject, it may not be a taboo subject but usually people don’t speak about such issues. To the next! Kind regards!!

  32. Thank you, I’ve recently been looking for information about this subject for a while and yours is the best I have discovered till now. But, what concerning the bottom line? Are you sure in regards to the source?

  33. Aw, this was an incredibly good post. Finding the time and actual effort to produce a very good article… but what can I say… I procrastinate a lot and never manage to get anything done.

  34. I am really impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Anyway keep up the nice quality writing, its rare to see a great blog like this one nowadays..

  35. You completed several fine points there. I did a search on the topic and found nearly all persons will consent with your blog.

  36. It’s һard to find experiencedd people ɑbout this subject, buut уousеem ⅼike you know ᴡhat you’re talking aƅout! ThanksHегe is my blog post – colorado springs motel

  37. I’d like to thank you for the efforts you have put in writing this blog. I am hoping to view the same high-grade content by you in the future as well. In fact, your creative writing abilities has encouraged me to get my very own blog now 😉

  38. Oh my goodness! an incredible article dude. Thanks Nonetheless I am experiencing concern with ur rss. Don?t understand why Not able to register for it. Is there any person obtaining similar rss issue? Anyone who recognizes kindly react. Thnkx

  39. Aw, this was an extremely nice post. Taking a few minutes and actual effort to generate a great articleÖ but what can I sayÖ I procrastinate a whole lot and don’t manage to get anything done.

  40. Excellent read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch since I found it for him smile Thus let me rephrase that: Thank you for lunch!

  41. It’s genuinely very difficult in this busy life to listen newson Television, thus I just use internet for that purpose,and obtain the most up-to-date information.

  42. That is a great tip particularly to those new to the blogosphere.Short but very precise information… Appreciate your sharingthis one. A must read article!

  43. Attractive section of content. I just stumbledupon your blog and in accession capital to assert thatI get in fact enjoyed account your blog posts.Anyway I will be subscribing to your feeds and even Iachievement you access consistently fast.

  44. The manager crystal waters online free Stanton, who is leading the National League in home runs with 37 and all of baseball with 105 RBI, was caught directly on the left cheek by a pitch

  45. I enjoy what you guys tend to be up too. This kind of clever work and coverage! Keep up the terrific works guys I’ve incorporated you guys to my personal blogroll.

  46. It’s impressive that you are getting thoughts fromthis piece of writing as well as from our dialogue made atthis time.

  47. Your method of describing the whole thing in this post is in fact good, every one can effortlessly know it, Thanks a lot.

Leave a Reply

Your email address will not be published. Required fields are marked *