TEP LIMITED (TC003763)

The Licensee has contravened:

1. Section 9 of Schedule 2 to the AMLO.

2. Section 19(1) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person.

3. Section 19(3) of Schedule 2 to the AMLO, namely, the Licensee has failed to establish and maintain effective procedures not inconsistent with the AMLO for the purpose of carrying out the duties under sections 3, 4, 5, 9, 10 and 15 of Schedule 2.

4. Section 20 of Schedule 2 to the AMLO on the record-keeping requirements.

5. Section 23 of Schedule 2 to the AMLO, namely, the Licensee has failed to take all reasonable measures to mitigate money laundering and terrorist financing risks.

Public reprimand and imposition of a pecuniary penalty of HK$6,000 (Decision Date: 18 August 2023)

Statement of Disciplinary Action