Hong Kong Money Services License（MSO license) is a statutory license issued by the Commissioner of Customs and Excise in accordance with relevant laws.，Mainly aimed at operators engaged in currency exchange and remittance business。Licensees are required to follow a strict legal framework，to ensure that services are compliant、Reliable operation on track。Hongkong Credit Union has been deeply involved in the field of financial compliance for many years.，Provide full-process licensing support for domestic and foreign enterprises。
Remittance service definition and license scope
According to regulations，Remittance services are provided in the course of conducting business in Hong Kong，Providing services for any one or more of the following transactions：
- Send money or arrange for money to be sent outside Hong Kong；
- Receiving or arranging to receive money from a place outside Hong Kong；
- Arrange to receive money outside Hong Kong。
Any operation of currency exchange or remittance services without a license，All are illegal。
Regulatory structure and legal basis
Relevant authorities under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance – Commissioner，Responsible for regulating money service operators (formerly known as remittance agents and money changers)。Its scope of responsibilities covers the supervision of licensed operators inCustomer due diligence、Compliance with record keeping and other licensing conditions，and crack down on unlicensed business practices。
The public may obtain the information maintained by the CommissionerRegister of Money Service Operators Licensees，Verify that the exchanger has a valid license。The register is kept at the Commissioner's Office，Free for public inspection during regular office hours；You can also search online at any time through the online register of licensees on the Hong Kong Customs and Excise Department website。
License verification and renewal management
The "Money Service Operator Licensing System" completed the system update in early November 2013，Allow users to use company name only (some are acceptable)、Limited information such as license number or address (some are also acceptable)，You can determine whether the money changer is a licensed institution in the search results.。
The licensee must do so before the license expires45days to 90 daysSubmit to the CommissionerLicense renewal application。Once overdue，The license application process must be restarted，rather than renewing。
Preparation for license application
Before an enterprise formally submits a license application，The following preparatory work must be properly completed：
- Have valid company documents in place；
- Ensure that the person applying for the license has valid certificates；
- Establishing a fixed place of business – must bephysical office，To facilitate customs personnel to enter and conduct inspections in accordance with the law、Inspection and other regulations，Virtual offices are not allowed；
- Prepare in advance for the licensing interview Q&A session；
- Ensure candidates meet suitability conditions，The relevant person must not be bankrupt or have a criminal record。
Customs inspections and ongoing compliance requirements
Hong Kong Customs has carried out routine inspections since mid-2013。Licensed money changers must comply with the requirements issued by the authorities，Bring relevant policy documentation on designated dates、Customer records in the past three months、Transaction records and bank statements，For viewing by authorized Customs personnel，and cooperate in answering questions。
It is worth being highly vigilant that，According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance，If you fail to comply with the above requirements，Convicted upon summary procedure，liable to be sentencedfined HK$50,000 and jailed for 6 months。
record keeping andAnti-money launderingSystem support
Licensed money changers must strictly abide by the record management standards established by law，Rigorous implementation of customer due diligence，Log every transaction in detail，and keep all records properly。If the company has deployed an anti-money laundering computer system，The overall execution of the above work will be more efficient。
A licensed money changer’s precise knowledge of the source of customers’ funds is the core link in preventing risks.。Terrorists or terrorist organizations rely on financial support to achieve their goals，Often go to great lengths to hide or disguise their connection with the source of funds。therefore，Such groups must also find ways to launder funds，Whether these funds originate from legal or illegal channels，The purpose is to use funds without being detected by the authorities.。
About Hong Kong Xintong
Hong Kong Xintong focuses onHong Kong Securities and Futures Commission license、Hong Kong Insurance Broker License、Hong Kong MSO Licenseandmoneylenders licenseApply for service，Assist customers to applyUS MSB license、NFA、RIA、Canadian MSB license、Mainstream overseas financial licenses such as Australia and Mexico，Support enterprises to achieve compliance expansion of cross-border financial business。Also availableCayman Islands Offshore Company Registration、Offshore fund establishment and global compliance operations and other services，Help enterprises expand their presence in international markets。Provide one-stop compliance solutions for enterprises。To learn more，Please contactHong Kong Information Communications Consultant。
