The Hong Kong Monetary Authority ("HKMA") has taken disciplinary action against 33 Financial Services Limited ("33FS") for failing to comply with anti-money laundering and counter-terrorism financing regulations.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On 22 July 2025, the Hong Kong Monetary Authority ("HKMA") concluded an investigation into 33 Financial Services Limited ("33FS") and imposed disciplinary measures under the Payment Systems and Stored Value Facilities Ordinance ("PSSVFO"). The HKMA found that 33FS contravened section 8Q of the PSSVFO, failing to meet minimum control criteria under section 6(2)(b) of Part 2 of Schedule 3 from 1 December 2019 to 31 August 2023. The breach involved inadequate customer due diligence ("CDD") systems, insufficient information on business relationships, and inadequate identification verification processes.
The investigation identified three primary areas of non-compliance: insufficient collection of customer information, inadequate CDD measures for customers acting on behalf of business entities, and unsatisfactory identification verification by outsourced entities. In imposing a HK$1,600,000 penalty, the HKMA considered the gravity of the findings, 33FS' past disciplinary history, the necessity to discourage similar behavior by other companies, and the remedial actions 33FS has undertaken. The HKMA underscored the critical role of effective CDD measures in combating money laundering ("ML") and terrorist financing ("TF") risks.
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