Monetary Authority takes disciplinary action against 33 Financial Services Limited for contravention of Payment Systems and Stored Value Facilities Ordinance

Monetary Authority takes disciplinary action against 33 Financial Services Limited for contravention of Payment Systems and Stored Value Facilities Ordinance 
The disciplinary action (Note 1) follows an investigation by the HKMA which found that, during the period from December 1, 2019 to August 31, 2023, 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 (For Stored Value Facility (SVF) Licensees) (Guideline) (Note 2).
 
Specifically, the contravention relates to deficiencies in 33FS’ systems of control in three areas, namely:
      In deciding the disciplinary action, the MA has taken into account the relevant circumstances and factors, including:
      The Executive Director (Enforcement and AML) of the HKMA, Mr Raymond Chan, said, “CDD measures are crucial for combatting ML and TF risks. Verifying the identity of customers and understanding the purpose and intended nature of the business relationships are essential elements of CDD measures. SVF licensees should ensure that they have effective CDD measures in place.”
 
Relevant link: Statement of Disciplinary Action  
Note 1: The disciplinary action is taken under section 33Q of the PSSVFO.